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Mortgage Market Update
My Mortgage Company
Scott Swensen
Wednesday, September 2, 2026
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Should you refinance? Let's talk through it |
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Mortgage decisions aren't one-size-fits-all. This week, I want to help you think through one of the biggest questions homeowners face.
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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 a refi makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop. The real question is whether the savings over time outweigh the costs and effort of starting a new loan. I always tell people to run the math: how long do you plan to stay in your home? What's your current rate versus available rates? How much would you pay in closing costs? If you're planning to move in a few years, refinancing might cost more than it saves. But if you're staying put and rates have moved meaningfully in your favor, it could put real money back in your pocket over the life of the loan. Every situation is different, which is why it's worth having a conversation before deciding. I'd be happy to walk through the numbers and help you figure out if refinancing is worth it 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
Scott Swensen
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