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Mortgage Market Update
My Mortgage Company
Michael Pennington
Wednesday, September 2, 2026
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Does refinancing fit your plan right now? |
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Refinancing is one of the most misunderstood moves a homeowner can make. Let me clear up when—and why—it actually pays off.
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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, but it's worth understanding when it might work in your favor. The most common reasons people refinance are to lower their monthly payment, shorten their loan term, or tap into home equity for a major expense. The trade-off is that you're essentially taking out a new loan, which means closing costs and a new timeline to pay off your home. I always tell clients: run the numbers first. How long do you plan to stay in your home? What would your new payment look like? Sometimes the savings take months or years to materialize—and that's okay if you're in it for the long haul. If you're curious whether refinancing could work for you, I'm happy to walk through the specifics of your situation without any pressure. Let's talk. Reach out if you'd like to explore whether a refinance makes sense for your home and 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
Michael Pennington
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