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Mortgage Market Update
My Mortgage Company
Johnny McCollum
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 cover something I hear about often: refinancing. It's a powerful tool, but it's not right for everyone.
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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 does refinancing actually make sense?
A lot of homeowners ask me if they should refinance, but the answer depends on your specific situation. Refinancing isn't always the right move—sometimes you're better off staying put. The main reasons people refinance are to lower their monthly payment, shorten their loan term, tap into equity for a major expense, or switch from an adjustable to a fixed rate. Each comes with its own costs and timeline, so it's worth thinking through what you're trying to accomplish before you take the step. If you're curious whether it might work for you, I'm happy to walk through the numbers and talk through the pros and cons. Let's chat about whether refinancing could help your situation.
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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
Johnny McCollum
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