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Mortgage Market Update
My Mortgage Company
Nicola Josephine McCloskey-Kieff
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell. |
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Hi there—this week I want to tackle a question I hear often: when is refinancing actually worth it? Let me break down the real factors that matter.
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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 actually makes sense
Refinancing isn't always the right move—I talk to homeowners all the time who wonder if it's worth it. The math depends on a few things: how long you plan to stay in your home, what your current loan terms are, and where rates have moved since you borrowed. Sometimes a refinance saves real money over time. Other times, the costs and effort don't pencil out. The key is running the numbers honestly rather than just chasing a lower rate. I'm happy to walk through your situation and show you whether it makes sense for you right now. Let's talk through whether refinancing could work for your goals.
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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
Nicola Josephine McCloskey-Kieff
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