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Mortgage Market Update
Scott Smith
Scott Smith
Thursday, August 20, 2026
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How much equity have you built so far? |
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Hi everyone—this week I want to remind you of something powerful that's probably happening right now with your mortgage. Your home is quietly building wealth for you.
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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
Your home is working for you every month
Every mortgage payment you make builds equity—the difference between what your home is worth and what you owe. Early on, most of your payment goes to interest, but over time that balance shifts and more goes toward principal. This is one of the most underrated benefits of homeownership. Some of you might not realize how much equity you've already built, especially if you've been in your home for several years or made extra payments along the way. Knowing your equity position matters because it can open doors—whether you're thinking about refinancing, borrowing against it for repairs or education, or simply understanding your net worth. If you haven't checked your equity position lately, I'd love to walk through it with you. Let's review your equity and talk about what options might make sense for 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 Scott Smith team any time and we'll walk you through your options. |
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