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Mortgage Market Update
Andy Garretson
Andy Garretson
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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Hi there—this week I want to tackle a question I hear often: when is the right time to refinance? The answer depends on your personal situation, not just what rates are doing.
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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 actually makes sense
A lot of homeowners ask me whether they should refinance, and the answer isn't always yes—even when rates drop. Refinancing makes the most sense when the money you save on your monthly payment outweighs the cost of the loan itself, and you plan to stay in your home long enough to break even. Your timeline matters just as much as the rate environment. If you're thinking about moving in a few years, refinancing might not pencil out. But if you're settling in for the long haul and your situation has changed—better credit, more home equity, or a rate shift—it could be worth a conversation. Let's look at your specific numbers and see whether it's the right move for you. Reach out and we can walk through whether refinancing makes sense in your situation.
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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 Andy Garretson team any time and we'll walk you through your options. |
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