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Mortgage Market Update
My Mortgage Company
Kenneth Francis
Wednesday, September 2, 2026
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Should you refinance? Let's find out. |
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Hi there. This week I want to talk about one of the most common questions I hear: when does refinancing actually pay off?
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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 shift. It depends on how long you plan to stay in your home, what your current loan terms are, and how the new payment compares to what you're paying now. Some people refinance to lower their rate or shorten their loan term. Others tap into equity for a major expense. The key is running the actual numbers before you commit—not just looking at rate alone. If you're wondering whether a refinance could work for your situation, I'm happy to walk through the specifics with you. There's no obligation; it's just a conversation to see if it makes financial sense. Reach out if you'd like to explore whether refinancing could work for your goals.
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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
Kenneth Francis
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