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Mortgage Market Update
My Mortgage Company
Justin Schnettler
Wednesday, September 2, 2026
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Should you refinance? Here's how to know |
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Hi there — this week I want to walk through one of the most common questions I hear: whether refinancing is worth it right now.
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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 makes sense (and when it doesn't)
Refinancing sounds simple — swap your old loan for a new one — but the real question is whether it pencils out for your situation. Maybe rates have dropped and you want to lower your monthly payment. Maybe you've built equity and want to tap it for a home project. Or maybe your credit has improved since you bought, and you qualify for better terms now. The catch is that refinancing costs money upfront, so you need to stay in the home long enough for the savings to outweigh those costs. I help borrowers run the actual numbers so they can see if a refi makes financial sense or if waiting makes more sense. It's not always a yes, and that's okay. Let's talk through your situation and see if 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
Justin Schnettler
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