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Mortgage Market Update
My Mortgage Company
Evan Smith - 2
Tuesday, October 20, 2026
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Does refinancing make sense right now? |
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Not every financial move works for every person. This week, we're talking about refinancing—when it's a smart play and when you're better off staying put.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates 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 makes sense (and when it doesn't)
Refinancing sounds simple: replace your old loan with a new one at better terms. But it only works in your favor when the numbers actually line up. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable rate to a fixed one. Each has a different payoff timeline, though, and closing costs are real—which means you need to stay in the home long enough to break even. The math changes based on your situation: your current rate, how much you still owe, your timeline, and what rates look like today. Rather than guess, it's worth having a conversation about whether it makes sense for you specifically. Let's run the numbers on your loan and see what your options are.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Evan Smith - 2
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