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Mortgage Market Update
My Mortgage Company
Jon Woodard
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Hi there—I wanted to tackle a question I hear often: when is refinancing worth doing? Let's break it down.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The real question is whether the savings over time outweigh the costs and effort of starting a new loan. Some borrowers benefit right away; others need to stay put longer to break even. It depends on your rate now, how long you plan to stay in your home, and what you'd owe in closing costs. I see a lot of borrowers rush into refinancing without doing the math first—or avoid it when it could genuinely help them. If you've been wondering whether a refinance pencils out for your situation, let's run the numbers together. There's no obligation, and clarity alone is worth the conversation. Reach out if you'd like me to walk through whether refinancing makes sense for your loan.
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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
Jon Woodard
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