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Mortgage Market Update
My Mortgage Company
Open Door Lending
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. A lot of homeowners wonder whether they should refinance, but the answer isn't always yes—even when rates look attractive. Let me break down how to think about it.
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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 monthly savings justify the closing costs and time involved. It makes the most sense when you plan to stay in your home long enough to recoup those upfront expenses. If you're thinking about a move in a few years, the math might not work in your favor. On the flip side, refinancing can be smart if you're looking to tap home equity for a major expense, shorten your loan term, or lock in a rate before the market shifts. The key is running the numbers specific to your situation—not just chasing the headline rate. I'd be happy to walk through whether refinancing makes sense for you right now. Reach out and let's talk through your options with no pressure.
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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
Open Door Lending
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