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Mortgage Market Update
Russell Wakefield
Russell Wakefield
Thursday, August 27, 2026
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Does refinancing make sense for you? |
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Hi there—this week I want to talk about refinancing, since it's one of the smartest moves some homeowners never consider. Let me break down what it is and when it might actually save you money.
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National Mortgage Rates · August 20, 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 it makes sense to refinance your mortgage
Refinancing isn't a one-size-fits-all move, but it's worth understanding when it might work for you. The main reasons people refinance are to lower their monthly payment, shorten their loan term, switch from an adjustable to a fixed rate, or tap into their home's equity for a large expense. The trade-off is that refinancing involves closing costs and a new application process, so it only pencils out if you plan to stay in the home long enough to recoup those upfront expenses. If you've been in your home a few years, built equity, or seen your credit improve, it's worth a conversation. I'm happy to walk through whether refinancing makes financial sense for your situation right now. Reach out anytime—I can help you figure out if refinancing is worth exploring.
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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 Russell Wakefield team any time and we'll walk you through your options. |
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