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Mortgage Market Update
My Mortgage Company
Joe Gallo
Wednesday, September 2, 2026
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Should you refinance? Let's run the numbers |
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Hi there—this week I want to walk through one of the most common questions I hear from borrowers: whether it's actually worth refinancing right now.
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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 drop. The real question is whether the savings over time outweigh what you'll pay to refinance. Some people break even in just a couple of years; others need much longer. That depends on your rate improvement, how long you plan to stay in your home, and your closing costs. I help clients run the real numbers so there's no guessing. If you've been curious whether refinancing could actually benefit you—not just theoretically, but in your specific situation—I'd rather spend 15 minutes on a real conversation than have you wonder. Let's talk through what makes sense for your loan. Reach out anytime you'd like a straightforward look at whether refinancing pencils out 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
Joe Gallo
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