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Mortgage Market Update
Anthony Patton
Anthony Patton
Wednesday, September 2, 2026
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Should you refinance? It depends on math |
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Hi there—I wanted to touch on something I hear about often: refinancing. Not every rate move calls for action.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The real question is whether the long-term benefit outweighs what you'll pay upfront to refinance—closing costs, appraisal fees, and time. Some borrowers break even in a few years; others never do, depending on how long they plan to stay in the home. The math changes based on your current rate, your new rate, your loan balance, and your timeline. It's worth running the numbers before you decide. I can walk you through what makes sense for your specific situation. Curious whether refinancing pencils out for you? Let's talk it through.
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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 Anthony Patton team any time and we'll walk you through your options. |
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