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Mortgage Market Update
My Mortgage Company
Armando Cornejo
Wednesday, September 2, 2026
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Should you consider refinancing your mortgage? |
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I know rates and loan options can feel overwhelming. This week, I want to break down one of the most common questions I hear from homeowners.
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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 refinancing makes sense for your situation
Refinancing isn't one-size-fits-all, and it's not always the right move. The idea is simple: you replace your current mortgage with a new one, ideally on better terms. But "better" depends on your goals. Some people refinance to lower their monthly payment, others to shorten their loan term and build equity faster, and some to tap into home equity for a major expense. Before you decide, think about how long you plan to stay in your home and whether the savings justify the closing costs. I'm happy to walk through the numbers specific to your loan and show you what different scenarios might look like. Let's talk about whether refinancing could work for you—reach out anytime.
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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
Armando Cornejo
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