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Mortgage Market Update
Andy Garretson
Andy Garretson
Thursday, August 27, 2026
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Have you checked your home equity lately? |
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Hi there, thanks for staying in touch. This week I want to talk about something many homeowners overlook—and it could open up new possibilities for you.
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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 Check
What your home's equity can do for you
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 owe on your mortgage. That equity is real money, and it can work for you in several ways. Some borrowers use it to fund home improvements, pay off other debts, or cover major expenses. Others tap into it strategically to lower their overall interest rate or shorten their loan term. The key is understanding what options fit your situation and your goals. Whether you're curious about what you might have available or you're ready to explore your next move, I'd love to walk through the numbers with you and talk through what makes sense. Let's take a look at your equity and discuss what options might work best for your situation.
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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 Andy Garretson team any time and we'll walk you through your options. |
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