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Mortgage Market Update
My Mortgage Company
Nick Palmer
Wednesday, September 2, 2026
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Should you refinance? Here's how to know. |
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Hi there. This week I want to cover something I get asked about regularly: when does refinancing actually pay off?
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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 your monthly savings outweigh the costs of refinancing — closing costs, appraisal fees, and the time it takes to break even. If you're planning to stay in your home long enough to recoup those expenses, it might be worth exploring. But if you're thinking about moving in a few years, refinancing could cost you more than you save. The math is different for everyone, which is why it's worth having a conversation. I can walk you through the numbers for your specific situation and help you figure out if it makes sense right now. Let's talk through whether refinancing fits your goals — reach out anytime.
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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
Nick Palmer
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