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Mortgage Market Update
My Mortgage Company
Michelle Knight
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about refinancing—when it's a smart move and when it's probably not worth the effort.
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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 Strategy
When refinancing makes financial sense
Refinancing isn't always the right move—but it can be powerful when the numbers line up. The main reasons people refinance are to lower their interest rate, shorten their loan term, or tap into home equity for a major expense. Each has a different payoff timeline, and I always recommend running the math to see when you'd actually break even on closing costs. Sometimes a small rate drop doesn't justify the expense; other times, even a modest improvement saves you thousands over the life of your loan. The best time to explore this is when your situation changes—whether that's your credit improving, rates shifting, or your equity growing. I'm happy to walk through whether refinancing could work for you and what your real savings might look like. Reach out if you'd like to talk through whether refinancing makes sense for your situation.
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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
Michelle Knight
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