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Mortgage Market Update
My Mortgage Company
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Wednesday, September 2, 2026
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Should you refinance? Here's how to know. |
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Life changes, and so do mortgages. Here's what you should think about before making a move.
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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 or your situation changes. The real question is whether the benefits—a lower payment, shorter loan term, or switching from adjustable to fixed—outweigh the time and costs involved. It depends on how long you plan to stay in your home, your current loan terms, and what you'd actually save each month. Some people refinance to tap equity for home improvements or debt payoff, which can be smart if the numbers work. Others jump in too fast and end up spending more than they save. I always recommend we run the math together before you decide. There's no one-size-fits-all answer, and that's exactly why it helps to talk it through. If you're wondering whether refinancing is worth exploring, let's have a quick conversation about 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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