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Mortgage Market Update
My Mortgage Company
The Prospering Home Loans Team
Wednesday, September 2, 2026
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When refinancing actually pays off |
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Hi there—this week I want to talk about one of the most common questions I hear: should I refinance? The answer depends on your specific numbers, not just the rate environment.
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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 drop or your situation changes. The real question is whether the benefits—a lower rate, shorter loan term, or cash out for a major expense—outweigh the closing costs and time involved. Some people refinance and break even in just a few years. Others never quite get there if they don't plan to stay in the home long enough. The smartest approach is to run the actual numbers for your specific situation, not just react to rate headlines. If you're curious whether a refinance could work for you, I'm happy to walk through the math without any pressure. There's no one-size-fits-all answer, but there is a right answer for your household. Let me know if you'd like to explore whether refinancing makes sense for you right now.
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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
The Prospering Home Loans Team
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