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Mortgage Market Update
Dave Jenks
Dave Jenks
Thursday, August 27, 2026
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Should you refinance your mortgage? |
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A lot has changed since you got your mortgage. Here's what you should know about whether it makes sense to refinance.
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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 does a refinance actually make sense?
I get asked this a lot, and the answer depends on your situation. A refinance can lower your monthly payment, shorten your loan term, or help you tap into equity for a major expense. But refinancing isn't free—there are closing costs involved, and it takes time. The key is comparing what you'd save over time against what you'd pay upfront. If you're planning to stay in your home long enough to recoup those costs through monthly savings, it might be worth exploring. Market conditions matter too. When rates shift, the math changes. I'd be happy to walk through the numbers specific to your loan and timeline so you can see whether refinancing makes sense for you right now. Let's talk through whether a refinance could work for your goals.
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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 Dave Jenks team any time and we'll walk you through your options. |
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