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Mortgage Market Update
My Mortgage Company
Matt LaRussa
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell |
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Hello! A lot of homeowners wonder if they should refinance, but aren't sure how to evaluate it. This week I'm breaking down what to consider before making that move.
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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 it makes sense to refinance your mortgage
Refinancing isn't just about chasing lower rates—though that's one reason people do it. You might refinance to shorten your loan term, switch from an adjustable rate to a fixed one, or tap into your home's equity for a big project. The catch is that refinancing has closing costs, so the savings need to outweigh those expenses. That's why timing and your specific situation matter. If you've been in your home a few years, your credit has improved, or the market has shifted, it's worth running the numbers. I can help you figure out whether refinancing makes financial sense for you right now. Let's talk about whether refinancing could work for your situation.
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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
Matt LaRussa
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