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Mortgage Market Update
My Mortgage Company
Steven Carey
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Hi there. This week I want to tackle a question I hear often from homeowners thinking about their mortgage options.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The math depends on how long you plan to stay in your home, what you'd pay in closing costs, and whether a lower rate would meaningfully reduce your monthly payment or total interest. Some homeowners refinance to shorten their loan term, consolidate debt, or switch from adjustable to fixed rates—each has different pros and cons. If you're wondering whether it makes financial sense for your situation, I'd be glad to walk through the numbers with you and show you what the comparison actually looks like. 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
Steven Carey
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