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Mortgage Market Update
My Mortgage Company
Lenore Myers
Wednesday, September 2, 2026
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When refinancing actually makes sense |
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Hi there. This week I want to cover a question I hear often: when should someone think about refinancing 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 Basics
When refinancing makes sense for your situation
Refinancing isn't one-size-fits-all, and it's not always the right move. The basics: you refinance by taking out a new loan to pay off your current mortgage. People do it to lower their rate, shorten their loan term, tap into equity, or switch loan types. But refinancing comes with closing costs and a new loan timeline, so the math has to work in your favor. If you're wondering whether it could benefit you—maybe rates have shifted, or your financial picture has changed—that's worth exploring together. Every situation is different, and I can walk you through whether it makes sense for you right now. Let's chat about whether refinancing could work for your goals.
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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
Lenore Myers
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