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Mortgage Market Update
My Mortgage Company
Austin Waters
Wednesday, September 2, 2026
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Does refinancing make sense for you? |
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There's a lot of confusion around refinancing—when to do it, whether it's worth it, and what actually changes. Let me break down the basics so you can make a clear decision.
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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 for your situation
Refinancing isn't right for everyone, but it's worth understanding when it might work in your favor. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable to a fixed rate. The catch is that refinancing involves closing costs and a new application process, so you'll want to make sure the benefit outweighs what you'll spend upfront. Even small changes in rates or your financial picture can tip the math one way or the other. If you're wondering whether it could make sense for you, I'd be happy to walk through the numbers and help you figure out if it's worth exploring right now. Let's talk about whether refinancing could work for your home and budget.
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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
Austin Waters
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