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Mortgage Market Update
My Mortgage Company
K. Frankie Larkins
Wednesday, September 2, 2026
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Does refinancing make sense for you right now? |
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Hi there. This week I want to tackle a question I hear often: when is the right time to refinance your mortgage?
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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 look attractive. The math depends on how long you plan to stay in your home, what you'll pay in closing costs, and whether a lower rate actually lowers your payment or just extends your loan term. Some folks refinance to tap equity for a renovation or debt consolidation—that can work well if the numbers pencil out. Others refinance just because rates dropped a point, only to restart their loan clock and pay more interest overall. The key is running the actual numbers: how much you'll save each month, how many months until you break even on costs, and whether that timeline matches your real-life plans. If you're curious whether a refinance could help your situation, let's talk through it together. Reach out if you'd like me to walk through what refinancing would look like for your loan.
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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
K. Frankie Larkins
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