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Mortgage Market Update
My Mortgage Company
Simone Phillip
Wednesday, September 2, 2026
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Should you refinance? Here's how to decide. |
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Sometimes the best financial move isn't obvious at first glance. This week I want to share a straightforward way to think about whether refinancing might be right 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 Strategy
When it makes sense to refinance your mortgage
Refinancing isn't just about chasing lower rates—it's a tool worth reconsidering whenever your situation changes. Maybe you've built equity, improved your credit score, or your life circumstances have shifted. Sometimes refinancing shortens your loan term and builds wealth faster. Other times it makes sense to tap equity for a major expense or consolidate debt. The key is understanding what you're actually trying to accomplish, then running the numbers to see if the costs justify the benefits. I'd be happy to walk through your specific situation and show you whether refinancing could work in your favor right now. Let's talk about whether refinancing makes sense 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
Simone Phillip
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