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Mortgage Market Update
My Mortgage Company
Len Padilla
Wednesday, September 2, 2026
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Does your current mortgage still fit? |
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Hi there. This week I want to cover a question I hear often: when should you think about refinancing?
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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 it makes sense to refinance your mortgage
Refinancing isn't just about chasing lower rates—though that can be one good reason. You might refinance to shorten your loan term, switch from an adjustable to a fixed rate, tap your home's equity for a major expense, or consolidate debt. The key is weighing what you'll pay in closing costs against what you'll actually save over time. If you're planning to stay in your home long enough to break even on those costs, refinancing can be a smart move. Not sure if your situation makes sense? I'm happy to walk through the numbers with you—no pressure, just clarity. Let's talk about whether refinancing could work for you.
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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
Len Padilla
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