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Mortgage Market Update
My Mortgage Company
Mashell Carmack
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to walk you through one of the most common questions I hear from homeowners: whether now is the right time to refinance.
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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 look appealing. The real question is whether the monthly savings will outweigh what you'll pay in closing costs and how long you plan to stay in your home. If you're thinking about moving in a few years, a refi might not pencil out. But if you're settling in and your situation has changed—your credit improved, rates dropped, or you want to shorten your loan term—it's worth running the numbers. The best time to explore this is before you need to, when you can make a calm decision based on your actual timeline and goals, not pressure. Let's talk through whether refinancing makes sense for your situation 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
Mashell Carmack
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