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Mortgage Market Update
My Mortgage Company
Sandra Elliott
Wednesday, September 2, 2026
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Is refinancing right for you right now? |
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Hi there, I'm sharing some thoughts this week on one of the biggest decisions homeowners face: whether to refinance.
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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 101
When refinancing actually makes sense
Refinancing isn't always the right move—even when rates drop or your situation changes. The real question is whether the long-term benefit outweighs the upfront costs and the time you'll stay in your home. If you're planning to move in a few years, refinancing might not pencil out. But if you're settling in for the long haul, a refinance could meaningfully lower your monthly payment or help you build equity faster by shortening your loan term. The best time to explore it is when your financial picture has improved—better credit score, more equity, or a significant rate shift. I'd love to walk you through whether it makes sense for your specific situation. Let's talk through whether refinancing could work 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
Sandra Elliott
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