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Mortgage Market Update
My Mortgage Company
Legacy Lending Group
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to tackle a question I hear often: Is refinancing worth it for me?
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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 does refinancing actually make sense?
Refinancing isn't one-size-fits-all, and the math depends on your situation. Some homeowners refinance to lower their interest rate, which can reduce monthly payments or let you pay off your loan faster. Others tap into home equity for cash or to consolidate debt. The key is understanding your break-even point — how long you plan to stay in the home versus the costs to refinance. If you're thinking about it, the best move is to pull your current loan details and talk through the real numbers. I can walk you through whether it makes sense for you right now. Reach out anytime — I'm happy to review your loan and discuss your options.
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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
Legacy Lending Group
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