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Mortgage Market Update
My Mortgage Company
Dawn Palestini
Wednesday, September 2, 2026
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Does refinancing make sense for your loan? |
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Hi there. This week I'm walking through one of the most common questions I get: when is refinancing actually worth it?
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the benefit you'll receive over time outweighs the closing costs and the reset of your loan term. Some borrowers refinance to lower their rate or monthly payment. Others use it to switch from an adjustable to a fixed rate, or to tap equity for a major expense. The key is running the math specific to your situation—how long you plan to stay in the home, what you'd pay upfront, and what you'd save each month. I help borrowers think through this honestly so they make a move that actually improves their financial position, not just a move that feels good in the moment. Let's talk through whether refinancing could work for you.
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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
Dawn Palestini
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