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Mortgage Market Update
My Mortgage Company
Lonnie Knob
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Hi there — this week I want to talk about one of the most common questions I hear: when should you actually refinance?
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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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Refinance Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The math has to work: your new loan's costs need to be recouped by the monthly savings before you plan to sell or move. Some people break even in two years; others take five or more. Your credit score, how much equity you have, and how long you'll stay in your home all factor in. I run these numbers for borrowers all the time, and sometimes the honest answer is "let's wait." That's the kind of straight talk that saves money. If you're wondering whether it makes sense for your situation, I'd like to pull your details and walk through it together. Let me know if you'd like to explore 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
Lonnie Knob
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