Mortgage Market Update

My Mortgage Company

Veronica Canchola

Wednesday, September 2, 2026

Should you refinance your mortgage?

One of the questions I hear most often is whether now is a good time to refinance. The answer isn't always yes — and that's exactly what I want to cover this week.

National Mortgage Rates · August 27, 2026

30-Year Fixed

6.66%

FHA 30-Year

6.55%

VA 30-Year

6.38%

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.

Refinancing Basics

When refinancing makes sense (and when it doesn't)

A lot of homeowners wonder if refinancing is right for them. The short answer: it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or switch from an adjustable to a fixed rate — but it does come with costs and a new application process.

The key is running the numbers. How long do you plan to stay in your home? What are today's rates versus what you locked in? What will closing costs be? If you'd recoup those costs through savings before you sell or pay off the loan, refinancing might be smart. If you're breaking even or coming out behind, it probably isn't. I'm happy to walk through the math with you and help you decide if it makes sense.

Let's talk through whether refinancing could work for you.

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.

Tips for Homeowners

Understanding Mortgage Points

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Veronica Canchola

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