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Mortgage Market Update
My Mortgage Company
Michael Farrell
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Refinancing is one of those financial moves that sounds good in theory—but the details matter. Here's what you should know before you decide.
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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 sense—and when it doesn't
Refinancing can be a smart move, but it's not right for everyone or every situation. The main reason people refinance is to lower their monthly payment or shorten their loan term, which typically happens when rates drop. But refinancing also comes with costs and a new loan timeline, so it only pays off if you'll stay in your home long enough to recoup those expenses. Other borrowers refinance to tap into home equity for major expenses, switch from adjustable to fixed rates for peace of mind, or consolidate debt. The best refinance decision starts with honest questions: How long do you plan to stay? What's your real goal—lower payment, faster payoff, or cash? I can walk through the numbers with you and help you figure out what actually makes sense for your situation. If you're wondering whether refinancing could work for you, let's talk through your options.
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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
Michael Farrell
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