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Mortgage Market Update
My Mortgage Company
Eric Smith
Thursday, September 3, 2026
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Does refinancing make sense right now? |
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Every week I hear from borrowers wondering if they should refinance. Here's how to know if it's actually 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 actually makes sense
A lot of homeowners ask me whether they should refinance, and the answer isn't always yes—even when rates look attractive. Refinancing makes the most sense when your new loan terms genuinely improve your situation: lower monthly payments, a shorter payoff timeline, or removing private mortgage insurance if you've built enough equity. The catch is that refinancing comes with closing costs, so you want to stay in your home long enough to recoup those expenses through your savings. I always encourage clients to do the math on their specific situation rather than chase every rate dip. If you're curious whether it pencils out for you, I'm happy to walk through the numbers. Let's talk through whether refinancing makes sense for your loan.
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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
Eric Smith
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