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Mortgage Market Update
My Mortgage Company
Michelle Knight
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about refinancing—when it's a smart move and when it's probably not worth the effort.
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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 Strategy
When refinancing makes financial sense
Refinancing isn't always the right move—but it can be powerful when the numbers line up. The main reasons people refinance are to lower their interest rate, shorten their loan term, or tap into home equity for a major expense. Each has a different payoff timeline, and I always recommend running the math to see when you'd actually break even on closing costs. Sometimes a small rate drop doesn't justify the expense; other times, even a modest improvement saves you thousands over the life of your loan. The best time to explore this is when your situation changes—whether that's your credit improving, rates shifting, or your equity growing. I'm happy to walk through whether refinancing could work for you and what your real savings might look like. Reach out if you'd like to talk through whether 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
Michelle Knight
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