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Mortgage Market Update
My Mortgage Company
Julie Gallegos
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Sometimes the smartest money move isn't obvious. This week I want to walk you through when refinancing might actually pay off for you.
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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 for you
Refinancing isn't always the right move, but there are a few situations where it can meaningfully improve your financial picture. The most common reason is when rates have shifted enough that your monthly payment or loan terms could improve. But refinancing can also help if you want to shorten your loan timeline, switch from an adjustable to a fixed rate, or tap into your home's equity for a large expense. The key is weighing the costs of refinancing against the benefits you'd actually receive. I can walk you through the numbers specific to your loan and help you decide if it's worth pursuing right now. Let's talk about whether refinancing could work for your situation.
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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
Julie Gallegos
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