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Mortgage Market Update
My Mortgage Company
Appreciated Asset
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 now a good time to refinance? The answer depends on more than just interest rates.
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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 a refinance actually makes sense
A lot of homeowners think about refinancing when rates drop, but that's only part of the equation. The real question is whether the monthly savings justify the costs and time involved in a new loan. If you've built equity, improved your credit, or your situation has changed since you bought, refinancing might work in your favor — but it's not automatic. I always recommend doing the math first: how long do you plan to stay in your home? What will your new payment be, and how much will closing costs run? Sometimes staying put is the smarter move. Let's talk through your specific situation and see if it pencils out. If you're curious whether a refinance makes sense for you, I'd be happy to walk through the numbers.
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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
Appreciated Asset
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