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Mortgage Market Update
My Mortgage Company
Patrick's Business
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there—I wanted to cover a question that comes up a lot this time of year. Let's look at what makes refinancing a smart move (and when it's not).
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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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Refinance Strategy
When does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and the answer really depends on your situation. If rates have moved lower since you closed, or if your credit has improved, you might have an opportunity to lower your payment or shorten your loan term. But refinancing isn't free—there are closing costs involved, and it takes time. The key is figuring out whether the savings over time outweigh what you'll pay upfront. I can walk you through the math specific to your loan and help you decide if it makes sense right now. There's no one-size-fits-all answer, which is exactly why it's worth a conversation. Let's talk about 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
Patrick's Business
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