Mortgage Market Update

My Mortgage Company

Scott Reed

Wednesday, September 2, 2026

Should you refinance? Here's how to tell.

I hear a lot of questions about refinancing, especially when life changes or you're looking to optimize your mortgage. This week I want to break down the real considerations that matter.

National Mortgage Rates · August 27, 2026

30-Year Fixed

6.66%

FHA 30-Year

6.55%

VA 30-Year

6.38%

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.

Refinancing Basics

When does refinancing actually make sense?

A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or help you access cash for home improvements or debt payoff. But it also comes with closing costs and a new loan timeline, so it's not automatic that everyone should do it right now.

The real question to ask yourself is whether the potential benefit outweighs what you'll pay to refinance. That's where a conversation with me comes in handy—I can run the numbers for your specific loan, timeline, and goals so you can make a decision based on facts, not guesswork. If you've been wondering whether it's worth exploring, let's talk.

Reach out and we can walk through whether refinancing makes sense for your home.

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.

Tips for Homeowners

Understanding Mortgage Points

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Scott Reed

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