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Mortgage Market Update
My Mortgage Company
Brian Irby
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Sometimes the smartest money move isn't obvious from the headlines. This week, I want to talk about refinancing—when it actually pays off, and when it might not.
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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 shift. The real question is whether the long-term benefit outweighs what you'll pay upfront to refinance. If you've built equity in your home, rates have moved favorably, or you plan to stay put long enough to recover closing costs, refinancing might lower your monthly payment or shorten your loan term. But if you're thinking of selling in a few years, the math might not work. The key is running the numbers with your specific situation in mind—not just chasing rates. I'm happy to walk through whether refinancing makes sense for you right now. Let's look at whether refinancing could work for your situation.
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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
Brian Irby
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