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Mortgage Market Update
Tanner Floyd
Tanner Floyd
Wednesday, September 2, 2026
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Should you refinance your mortgage right now? |
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Sometimes I hear from borrowers who refinanced, only to realize later it wasn't worth it. Other times, a refi was the smartest money decision they made. Here's how to know the difference.
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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 actually makes financial sense
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the long-term savings justify the upfront costs and the reset of your loan timeline. I work with borrowers who sometimes refinance to lower their rate by just a quarter point—and end up spending more than they save. Other times, a refi makes perfect sense because it cuts years off the loan or reduces monthly strain without extending the timeline. The math depends on your specific situation: how long you plan to stay in the home, what you'd pay in fees, and your current rate versus available rates today. If you're wondering whether refinancing makes sense for you, I can run the numbers and show you exactly what the trade-offs look like. Let's talk through your refinancing options and see if it's worth your time.
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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 Tanner Floyd team any time and we'll walk you through your options. |
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