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Mortgage Market Update
My Mortgage Company
Jacob Smith
Wednesday, September 2, 2026
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Should you refinance right now? |
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Hi there. This week I want to tackle a question I hear a lot: when is refinancing actually worth it?
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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 look attractive. The real question is whether the savings over time outweigh what it costs to refinance. Some people benefit from a lower rate or a shorter loan term. Others might tap equity for a major expense. But if you're planning to move in a few years, or if closing costs would take forever to recoup, refinancing might work against you instead of for you. The best way to know is to run the numbers with someone who knows your whole situation—not just today's rates, but your timeline and goals. I'm happy to walk through whether it makes sense for you. Let's talk about whether refinancing could help 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
Jacob Smith
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