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Mortgage Market Update
My Mortgage Company
Enchanted Kingdom
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hello, I wanted to share some clarity on one of the questions I hear most often: when does refinancing actually pay off? Let me break it down for you.
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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 effort involved. If you've built equity, improved your credit, or rates have shifted meaningfully, refinancing might lower your payment, shorten your loan term, or remove mortgage insurance. But closing costs are real, and breaking even takes time. I always recommend running the numbers based on how long you plan to stay in the home. A refinance that saves you money over five years might not make sense if you're selling in two. Let's talk through your specific situation and see if a refi is worth exploring. Give me a call or send a message—I can walk you through whether refinancing fits your goals.
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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
Enchanted Kingdom
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