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Mortgage Market Update
My Mortgage Company
Janice Carroll
Wednesday, September 2, 2026
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Should you refinance? Let's do the math |
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One of the questions I hear most often is whether now's a good time to refinance. The answer isn't always yes—and that's what I want to talk about this week.
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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 Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop. The math depends on how long you plan to stay in your home, your current loan balance, and what closing costs would be. Sometimes a rate dip of half a point or less doesn't pencil out if you're selling in five years. Other times, refinancing into a shorter loan term can build equity faster without breaking your budget. The key is running the actual numbers for your situation—not just chasing the headline rate. I can walk you through whether it makes sense for you and what your real monthly savings might look like. Reach out if you'd like me to review whether refinancing could work in your favor right now.
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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
Janice Carroll
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