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Mortgage Market Update
My Mortgage Company
Nick Germano
Wednesday, September 2, 2026
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Should you refinance? Here's how to know |
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Interest rates and life circumstances change. Sometimes that means your mortgage deserves a second look.
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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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Refinancing
When refinancing makes sense
Refinancing isn't always the right move, but it's worth understanding when it could work in your favor. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable to a fixed rate. The catch is that refinancing has its own costs and takes time to close, so you want to make sure the benefit outweighs those expenses. I always tell clients to think about how long they plan to stay in their home—if you're refinancing to save $150 a month but you'll move in three years, the math might not work. That's where an honest conversation with me comes in. I can run the numbers and show you whether refinancing actually pencils out for your situation. If you're wondering whether refinancing makes sense right now, let's talk it through.
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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
Nick Germano
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