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Mortgage Market Update
My Mortgage Company
Mike Garrett
Thursday, August 27, 2026
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How much equity are you sitting on? |
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Every mortgage payment you make builds your stake in your home. This week, I want to break down equity and why it matters to your financial picture.
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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 Basics
What your home equity really means for you
Home equity is the difference between what your home is worth and what you still owe on your mortgage. As you pay down your loan over time, that number grows. Many homeowners don't realize how much equity they've built up, especially if they've been in their home for several years. That equity can be a powerful financial tool—it may open doors to refinancing on better terms, borrowing for home improvements, or even covering major life expenses. The more equity you have, the more options typically become available to you. If you're curious about how much equity you've built, or whether it makes sense to put it to work for you, I'd love to have that conversation. Let's talk about how your equity could work for you—just give me a call or send me a message.
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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
Mike Garrett
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