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Mortgage Market Update
My Mortgage Company
Corey Riggs
Wednesday, September 2, 2026
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Does refinancing make sense for you? |
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Some weeks I get asked about refinancing by several borrowers. It's a smart question—but the answer depends on your personal circumstances.
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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 simple in theory: replace your old loan with a new one, usually to lower your rate or payment. But it's not automatic—it only makes sense when the math works in your favor. The bigger your loan balance and the longer you plan to stay in your home, the more room you have to benefit. If you're thinking about moving in a few years, refinancing costs might outweigh the savings. I always recommend we run the real numbers together: how much you'd save per month, how long it takes to recoup the closing costs, and what your new payment would actually be. The answer is different for everyone, and that's exactly why it's worth a conversation. If you're curious whether refinancing could work for your situation, I'd be happy to walk through the details with 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
Corey Riggs
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