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Mortgage Market Update
My Mortgage Company
Urban Bloom
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there,
This week I want to address one of the questions I hear most often—and one where the answer is rarely a simple yes or no.
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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 or your situation changes. The real question isn't whether you can refinance—it's whether the benefits outweigh the costs and time involved. For some, a lower rate or shorter loan term pays off quickly. For others, closing costs and the reset timeline mean it takes years to break even. Your credit score, how long you plan to stay in your home, your current loan balance, and current market conditions all play a role. I've seen borrowers save thousands and others waste time chasing a deal that never pencils out. The only way to know for sure is to run the actual numbers on your specific situation. Let's talk through whether refinancing makes sense for you 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
Urban Bloom
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