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Mortgage Market Update
My Mortgage Company
Michael Fahey
Thursday, August 27, 2026
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Do you know how much equity you have? |
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Hi there. This week I want to highlight something many homeowners overlook—and it might put more options within reach than you realize.
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National Mortgage Rates · August 20, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Equity Awareness
Your home's equity might be worth more than you think
If you've owned your home for a few years, you likely have built up equity—the difference between what your home is worth and what you still owe on your mortgage. Many homeowners don't realize how much equity they've accumulated, especially if their home has appreciated or they've paid down their loan balance steadily. That equity can open doors: it may qualify you for a cash-out refinance, a home equity loan, or a line of credit for renovations, education, or other major expenses. The first step is understanding what you have. I'd encourage you to get a rough sense of your home's current value and compare it to your remaining mortgage balance. If you'd like help exploring what your equity means for your options, I'm here to walk you through it. Reach out if you'd like to talk through your home's equity and what it could mean for you.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Michael Fahey
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