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Mortgage Market Update
My Mortgage Company
The Andrew Russell Team
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there—I get asked about refinancing a lot, and it's a smart question to ask. Let me walk you through how to know if it's worth doing.
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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 sounds appealing—lower rates, shorter loan terms, cash out of your equity. But it's not always the right move. Every refinance comes with costs: application fees, appraisals, title work, and closing costs. You need to stay in the home long enough for your monthly savings to cover those upfront expenses. That break-even point varies based on your situation, which is why it pays to run the actual numbers before you apply. I can help you figure out whether refinancing would put real money back in your pocket or just add expense. If you've been curious whether now is your moment to refinance, let's talk through it together. Reach out if you'd like me to run a quick refinance analysis for your home.
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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
The Andrew Russell Team
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