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Mortgage Market Update
My Mortgage Company
Derek Gonnerman
Wednesday, September 2, 2026
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Should you refinance right now? |
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Hi there—one of the most common questions I hear is whether it's time to refinance. The answer depends on a few key factors.
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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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates dip. Before you apply, it helps to understand what changes with a new loan—your monthly payment, the length of your payoff timeline, and the costs to get there. Sometimes a lower rate saves you real money over time. Other times, closing costs and the time you'll stay in your home mean refinancing doesn't pencil out. The math is personal to your situation, which is why I always recommend running the numbers together first. It takes just a conversation, and it might save you from a decision you'd regret. 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
Derek Gonnerman
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