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Mortgage Market Update
My Mortgage Company
The Andrew Russell Team
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hi there—I get asked about refinancing a lot, and it's a smart question to ask. Let me walk you through how to know if it's worth doing.
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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 refinancing makes sense (and when it doesn't)
Refinancing sounds appealing—lower rates, shorter loan terms, cash out of your equity. But it's not always the right move. Every refinance comes with costs: application fees, appraisals, title work, and closing costs. You need to stay in the home long enough for your monthly savings to cover those upfront expenses. That break-even point varies based on your situation, which is why it pays to run the actual numbers before you apply. I can help you figure out whether refinancing would put real money back in your pocket or just add expense. If you've been curious whether now is your moment to refinance, let's talk through it together. Reach out if you'd like me to run a quick refinance analysis for your home.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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
The Andrew Russell Team
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