Mortgage Market Update

My Mortgage Company

Jesse Griffith

Wednesday, September 2, 2026

Should you refinance? Here's how to tell.

Hi there—this week I want to cover a question I hear often: when is refinancing actually worth doing? It's not always as straightforward as lower rates, so let me break down what to think about.

National Mortgage Rates · August 27, 2026

30-Year Fixed

6.66%

FHA 30-Year

6.55%

VA 30-Year

6.38%

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.

Refinancing Basics

When refinancing makes sense (and when it doesn't)

Refinancing isn't always the right move, even when rates drop. The real question is whether the monthly savings will outweigh what you'll spend to refinance—closing costs, appraisal fees, and time. If you plan to stay in your home for several more years, refinancing can be worth it. But if you're thinking about moving or selling soon, those upfront costs might not pay off in time.

There's also your current loan situation to consider. If you're early in a 30-year mortgage, most of your payment goes toward interest anyway, so refinancing might feel like starting over. On the flip side, if you've built equity and your financial picture has improved since you first borrowed, refinancing could be a genuine opportunity.

Let's talk through your specific situation and whether refinancing makes sense for you right now.

Reach out if you'd like help running the numbers on a potential refinance.

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.

Tips for Homeowners

Understanding Mortgage Points

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Jesse Griffith

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