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Mortgage Market Update
My Mortgage Company
Michael Fahey
Wednesday, September 2, 2026
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The easiest way to save on interest |
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Hi there—I wanted to share something I've noticed helps a lot of homeowners feel more in control of their mortgage. It's simple, but it works.
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National Mortgage Rates · August 27, 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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Smart Money
Why paying a little extra now pays off later
One of the easiest wins in homeownership is making extra payments toward your principal—even small amounts add up fast. When you pay down principal, you're reducing the total interest you'll pay over the life of your loan and building equity at a quicker pace. The math is straightforward: less principal means less interest charged. Many borrowers find it helpful to set a habit—whether that's rounding up your monthly payment or putting a tax refund toward principal. It doesn't take a huge payment to make a real difference. If you're curious about what an extra payment or two could mean for your specific loan, I'd love to walk through the numbers with you. Reach out and let's talk about what an accelerated payoff timeline could look like 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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