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Mortgage Market Update
My Mortgage Company
Derek Vail
Wednesday, September 2, 2026
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Refi question: does it work for you? |
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Rates move, and when they do, I hear a lot of questions about refinancing. Here's what actually matters before you apply.
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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 a refi makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question is whether the savings over time outweigh what you'll pay upfront to close a new loan. I usually tell people to think beyond just the rate itself—look at your timeline. If you're planning to move or pay off the house in a few years, refinancing might cost more than it saves. But if you're staying put and can recoup those closing costs within a reasonable window, it could put real money back in your pocket long term. Every situation is different, which is why I'd rather talk through your specific goals than guess. Let's run the numbers for your situation—reach out and we can see if refinancing pencils out.
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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
Derek Vail
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