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Mortgage Market Update
My Mortgage Company
Corey Riggs
Thursday, September 3, 2026
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Does refinancing make sense for you? |
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Some weeks I get asked about refinancing by several borrowers. It's a smart question—but the answer depends on your personal circumstances.
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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 simple in theory: replace your old loan with a new one, usually to lower your rate or payment. But it's not automatic—it only makes sense when the math works in your favor. The bigger your loan balance and the longer you plan to stay in your home, the more room you have to benefit. If you're thinking about moving in a few years, refinancing costs might outweigh the savings. I always recommend we run the real numbers together: how much you'd save per month, how long it takes to recoup the closing costs, and what your new payment would actually be. The answer is different for everyone, and that's exactly why it's worth a conversation. If you're curious whether refinancing could work for your situation, I'd be happy to walk through the details with you.
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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
Corey Riggs
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