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Mortgage Market Update
My Mortgage Company
Benjamin Segovia
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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A rate drop isn't the only reason homeowners refinance. This week, I want to cover 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 does it make sense to refinance?
A lot of homeowners ask me whether they should refinance, and the answer isn't always about chasing the lowest rate. Refinancing can help if you want to lower your monthly payment, shorten your loan term, switch from an adjustable to a fixed rate, or tap into your home's equity for a major expense. But it also comes with costs and a new loan timeline, so it's worth doing the math first. The right move depends entirely on your situation—how long you plan to stay in your home, what your current loan looks like, and what you're trying to achieve. I'd be happy to walk through the numbers with you and show you whether refinancing could actually work in your favor. If you've been wondering whether refinancing is worth it, let's talk it through.
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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
Benjamin Segovia
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