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Mortgage Market Update
My Mortgage Company
Paul Schmitt Mortgage Broker
Wednesday, September 2, 2026
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Does refinancing make sense for you? |
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Hi there. I've been getting questions lately about whether now is a good time to refinance. The answer isn't always yes—and that's what I want to talk about this week.
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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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Refinance Basics
When a refi makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the monthly savings will outweigh closing costs and the time you plan to stay in your home. If you're thinking about moving in a few years, a refi might not pencil out. But if you're settled and rates have shifted meaningfully since you closed, it could be worth a conversation. We can walk through your numbers—loan balance, remaining term, how long you plan to keep the house—and show you whether refinancing actually puts you ahead. The math is personal, and it deserves a real look. Let's run the numbers together and see if refinancing 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
Paul Schmitt Mortgage Broker
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