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Mortgage Market Update
My Mortgage Company
My Home Mortgage Pros
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell. |
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Not every rate drop means you should refinance. This week I want to share the real test that tells you whether it makes sense for you.
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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 isn't always the right move, even when rates drop. The main reason people refinance is to lower their monthly payment or shorten their loan term, but there are real costs involved—closing costs, appraisals, title work. That's why it only makes financial sense if you'll stay in the home long enough to recoup those costs through your savings. If you're planning to move in a few years, refinancing might not pencil out. But if you're settled in and rates have moved favorably, it could be worth exploring. The best way to know is to run the actual numbers for your specific situation. I'm happy to walk through the math with you. Reach out if you'd like me to review whether refinancing could work for your home and timeline.
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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
My Home Mortgage Pros
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