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Mortgage Market Update
My Mortgage Company
Jonathan Ortega
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell |
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Hi there. This week I want to talk about refinancing—when it might work for you, and when it might not.
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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 you
Refinancing isn't one-size-fits-all, but it's worth understanding when it might work in your favor. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or tap into home equity for a major expense. The key is weighing the costs of refinancing against what you'd actually save over time. If you're planning to stay in your home long enough to recoup those costs, it could be a smart move. I'm happy to walk through the numbers with you—no pressure, just clarity on whether it makes sense for your situation. Let's talk about whether refinancing could help you reach your 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
Jonathan Ortega
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