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Mortgage Market Update
Emily Torvik
Emily J Torvik
Saturday, August 1, 2026
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How much equity have you actually built? |
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Hey there—this week I want to talk about something a lot of homeowners overlook: the wealth sitting right in your home. Here's what you need to know.
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National Mortgage Rates · July 30, 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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Home Equity
Do you know how much equity you've built?
If you've been paying your mortgage for a few years, you likely have more equity than you realize. Every payment builds it, and if your home's value has gone up, that's equity too. This matters because it opens doors: you can tap into it through a home equity line of credit or loan, use it toward improvements, or leverage it if you ever want to refinance. The tricky part is that equity sits invisibly in your home until you decide to use it. I recommend checking in on your home's current value and the balance you owe—it's eye-opening. If you're curious about what your equity could do for you, I'm happy to walk through your options. Reach out if you'd like to talk about your home's equity and what it might mean for your financial goals.
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Tip of the Week
Landscaping maintenance protects your home's value — overgrown yards are the number one curb appeal issue buyers notice.
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Tips for Homeowners
HOA Fees and How They Affect Your Mortgage
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1.
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HOA dues are included in your debt-to-income ratio calculation when you apply for a mortgage. High HOA fees reduce how much home you can qualify for.
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2.
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Before buying in an HOA, review the financials: reserve fund balance, any pending special assessments, and recent meeting minutes. A depleted reserve fund can mean a large unexpected charge.
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3.
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HOA dues are generally not tax-deductible for a primary residence. If the home is a rental property, dues may be deductible as a business expense.
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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 Emily Torvik team any time and we'll walk you through your options. |
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