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Mortgage Market Update
My Mortgage Company
Daniel DePascal
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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I get questions every week about whether someone's mortgage is working for them anymore. Here's what you should know before deciding.
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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 you
Refinancing isn't one-size-fits-all, but it's worth understanding when it could work in your favor. The most common reason people refinance is to lower their monthly payment—either by getting a better rate or extending the loan term. But refinancing can also help you cash out equity for home repairs, consolidate debt, or switch from an adjustable rate to a fixed one for peace of mind. The tradeoff is closing costs and starting your loan clock over, so the math only works if you plan to stay in your home long enough to recoup those upfront expenses. I'm happy to walk through whether it makes sense for your situation and what the real numbers would look like. Reach out and we can talk through whether refinancing fits your goals right now.
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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
Daniel DePascal
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