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Mortgage Market Update
My Mortgage Company
Tom Kowalchik
Wednesday, September 2, 2026
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Should you refinance? Here's how to tell. |
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Hello—this week I want to tackle a question I hear often: is it the right time to refinance? The answer depends on your personal situation, not just what rates are doing.
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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 refinancing makes sense for your situation
Refinancing isn't one-size-fits-all, and it's not always the right move. The real question is whether the benefit you'd gain—lower monthly payment, shorter loan term, removing PMI, or accessing cash—outweighs the cost and time involved. Some borrowers break even in a few years; others take longer. Your specific loan, how long you plan to stay in the home, and today's rates all factor in. If you've been thinking about whether refinancing could work for you, I'd be happy to walk through the math with your actual numbers. It's the only way to know for sure. Let's talk through whether refinancing fits your goals right now.
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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
Tom Kowalchik
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