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Mortgage Market Update
My Mortgage Company
Mackenzie Paquette
Wednesday, September 2, 2026
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Could a different loan term help you? |
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Hi there — this week I want to walk you through something many borrowers overlook when they 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 Strategy
When your loan terms matter more than the rate
A lot of borrowers focus only on interest rates when thinking about refinancing, but your loan term — how long you have to pay it back — can be just as important to your finances. Stretching your loan over more years lowers your monthly payment, which helps your budget breathe. Shortening your term builds equity faster and saves you money on interest overall, though it means a higher payment each month. The right choice depends on where you are in life: are you looking to free up monthly cash flow, or are you ready to pay off your home sooner? Both are smart moves in different situations. I'm here to help you figure out which path makes sense for your goals. Let's talk about what a different loan term could mean 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
Mackenzie Paquette
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