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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell. |
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Hi there. This week I want to talk about a decision a lot of homeowners face: whether to refinance their mortgage.
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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 refinancing makes sense—and when it doesn't
Refinancing can be a smart move, but it's not right for everyone or every situation. The core question is simple: will the monthly savings or other benefits outweigh the costs and effort of refinancing? If rates have dropped meaningfully since you closed, or if your credit has improved, refinancing might lower your payment or shorten your loan term. But closing costs and the time to process the loan are real factors. I always recommend looking at the full picture—how long you plan to stay in the home, what fees are involved, and what your new rate might be. The math needs to work in your favor. If you're curious whether refinancing could benefit your situation, I'm happy to run the numbers with you and be honest about whether it makes sense. Reach out if you'd like to explore whether refinancing is worth considering for your loan.
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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
At Home With Gary Foote
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