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Mortgage Market Update
My Mortgage Company
Jim Scheu
Wednesday, September 2, 2026
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Should you refinance? Let's find out. |
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Hi there. This week I want to talk about one of the most common questions I get: when does it actually pay off to refinance your mortgage?
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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 shift. I talk to borrowers who jump at a refi only to realize the costs and timeline don't work for their situation. The key is understanding your break-even point—how long you'd need to stay in the home for monthly savings to outweigh closing costs. If you're planning to move in a few years, a refi might not pencil out. But if you're staying put and your financial picture has improved, refinancing could lower your payment or shorten your loan term. Every situation is different, and that's exactly why it's worth a conversation. I'm here to run the real numbers so you can decide with confidence. Let me help you figure out whether refinancing makes sense for you right now.
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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
Jim Scheu
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