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Mortgage Market Update
My Mortgage Company
Lisa Watson
Wednesday, September 2, 2026
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Refinancing: worth it or not for you? |
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Not every rate drop calls for a refi. This week I'm breaking down how to know when it actually makes sense.
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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 (and when it doesn't)
Refinancing isn't always the right move, even when rates drop. The real question is whether the savings over time justify the costs and effort of a new loan. Some borrowers refinance to lower their rate, others to shorten their loan term or tap into equity. But if you're planning to move in a few years, the closing costs might never pay for themselves. I always tell clients: run the numbers first. How long will you stay in the home? What's your current rate versus available rates? What would the new payment be? These answers tell the real story. If you're wondering whether it's worth exploring, I'm happy to walk through a quick scenario with you—no obligation. Let me know if you'd like to talk through whether refinancing could work 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
Lisa Watson
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