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Mortgage Market Update
My Mortgage Company
Jeff McCarthy
Wednesday, September 2, 2026
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Does refinancing make sense for you? |
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Hi there—this week I want to tackle a question I hear often: should I refinance? The answer isn't one-size-fits-all, but here's how to think about it.
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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)
A lot of homeowners wonder if refinancing is right for them. The truth is, it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or help you tap into equity—but it also involves costs and a new application process. The key is understanding whether the long-term benefit outweighs what you'll pay upfront. Some people refinance and save thousands; others find it doesn't pencil out for their timeline. That's why it's worth talking through the numbers specific to your loan and goals before making a move. I'm happy to walk you through whether it makes sense in your case. Let's talk through whether refinancing could work for you.
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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
Jeff McCarthy
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