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Mortgage Market Update
My Mortgage Company
Julie Swenson
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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I hear from homeowners all the time wondering if they should refinance. The answer depends on your own timeline and goals, not just what rates are doing.
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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 also 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 the costs of refinancing against the benefits you'd actually receive. Sometimes a small rate drop doesn't justify closing costs. Other times, the long-term savings or financial flexibility are worth it. Every situation is different, which is why it pays to look at your specific numbers and goals before deciding. I'd be happy to walk through whether refinancing could work for you. Let's talk about whether a refi makes sense for 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
Julie Swenson
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