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Mortgage Market Update
My Mortgage Company
River Fox Lending
Wednesday, September 2, 2026
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Should you refinance? A simple question to ask yourself |
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Homeownership comes with plenty of decisions, and knowing when to refinance is one that catches a lot of people off guard. Let's break down the basics so you can decide if now is the right time.
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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 does it make sense to refinance your mortgage?
Refinancing isn't one-size-fits-all, and it's not always the right move. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable rate to a fixed one. But there are costs involved—closing costs, appraisal fees, title work—so you want to make sure the long-term benefit outweighs what you'll pay upfront. The math depends on how long you plan to stay in your home, what rates look like now versus your current loan, and your overall financial picture. If you've been in your home a while and your credit has improved, or if market conditions have shifted, it might be worth exploring. I'm happy to run the numbers with you and show you whether refinancing makes sense for your situation. 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
River Fox Lending
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