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Mortgage Market Update
My Mortgage Company
Matthew Young CRM
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about a tool that gets a lot of attention but deserves a closer, honest look: refinancing.
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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
Refinancing means replacing your current mortgage with a new one, and it's worth considering when your financial situation or the lending environment changes. Some people refinance to lower their monthly payment, shorten their loan term, or tap into home equity for a major expense. Others use it to switch from an adjustable rate to a fixed one for peace of mind. The catch is that refinancing involves closing costs and a new application process, so it only pays off if the benefits outweigh those upfront expenses—and that timeline varies for everyone. If you've been wondering whether it could work for you, I'd be happy to walk through the numbers and help you decide. Reach out if you'd like to explore whether refinancing fits your goals 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
Matthew Young CRM
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