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Mortgage Market Update
Melanie Ross
Melanie Ross
Thursday, August 20, 2026
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How much equity are you building each month? |
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Hi there. This week I'm focusing on something many homeowners overlook: the real power of their monthly mortgage payment.
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National Mortgage Rates · August 13, 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 Building
What your mortgage payment is really doing
When you make a mortgage payment each month, two things happen: some of it goes toward interest, and some builds equity in your home. Early on, more goes to interest—that's normal. But as time passes, the balance shifts. You're building real ownership stake with every payment, especially if your home has gained value. Understanding this matters because equity becomes your financial tool down the road. You can tap it for home improvements, education, or other big expenses through a home equity loan or line of credit. The sooner you recognize you're building wealth, the sooner you can think strategically about using it. If you're curious about how much equity you might have or how to use it, I'd love to walk through your situation.
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Tip of the Week
If your credit score is below 740, even small improvements before applying for a mortgage can save you thousands over the life of the loan.
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Tips for Homeowners
Weatherproofing Your Home Before Winter
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1.
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Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.
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2.
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Check attic insulation and ventilation before winter. Inadequate insulation leads to heat loss, higher energy bills, and ice dams on the roof that can cause significant damage.
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3.
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Inspect weatherstripping on all exterior doors. A simple dollar-bill test works: close the door on a bill — if you can pull it out easily, your weatherstripping needs replacing.
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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 Melanie Ross team any time and we'll walk you through your options. |
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