Mortgage Market Update

My Mortgage Company

Tom Kowalchik

Thursday, August 27, 2026

Do you know how much equity you have?

Hi there. This week I want to focus on something that builds quietly in the background for most homeowners: equity.

National Mortgage Rates · August 20, 2026

30-Year Fixed

6.65%

FHA 30-Year

6.53%

VA 30-Year

6.32%

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.

Home Equity

Your home's value is working for you

If you've owned your home for a few years, you likely have equity built up—the difference between what your home is worth and what you still owe on your mortgage. That equity is real money, and it's yours. Some borrowers use it to fund home improvements, pay off higher-interest debt, or cover major expenses. Others simply let it sit and grow. Either way, it's worth knowing what you have. A quick conversation about your current loan balance and a fair home value can show you exactly where you stand. Understanding your equity also helps you plan ahead, whether you're thinking about refinancing, tapping into that value, or just staying the course.

If you'd like to talk through your equity position and what it could mean for your financial goals, I'm here to help.

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.

Tips for Homeowners

Understanding Mortgage Points

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Tom Kowalchik

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