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Mortgage Market Update
My Mortgage Company
Eric Swenson
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there — I'm sending along some thoughts this week on a topic I hear about often: refinancing. Whether it makes sense depends on your goals and circumstances.
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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 for your situation
Refinancing isn't one-size-fits-all, but it's worth understanding when it might work for you. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable to a fixed rate. Each has real benefits — but also trade-offs. Lower payments sound great, but extending your loan might cost more interest overall. A shorter term builds equity faster but raises your monthly obligation. Before you jump in, I'd look at how long you plan to stay in your home and whether your current situation still fits your life. I'm here to walk through the numbers with you and help you see if a refinance makes financial sense. Let's talk about whether refinancing could work for your loan — reach out and we can review your options together.
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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
Eric Swenson
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