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Mortgage Market Update
My Mortgage Company
Eric Smith
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Every week I hear from borrowers wondering if they should refinance. Here's how to know if it's actually worth doing.
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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
A lot of homeowners ask me whether they should refinance, and the answer isn't always yes—even when rates look attractive. Refinancing makes the most sense when your new loan terms genuinely improve your situation: lower monthly payments, a shorter payoff timeline, or removing private mortgage insurance if you've built enough equity. The catch is that refinancing comes with closing costs, so you want to stay in your home long enough to recoup those expenses through your savings. I always encourage clients to do the math on their specific situation rather than chase every rate dip. If you're curious whether it pencils out for you, I'm happy to walk through the numbers. Let's talk through whether refinancing makes sense for your loan.
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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
Eric Smith
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