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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Thursday, September 3, 2026
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Should you refinance? Here's how to tell. |
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Hi there. This week I want to talk about a decision a lot of homeowners face: whether to refinance their mortgage.
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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 sense—and when it doesn't
Refinancing can be a smart move, but it's not right for everyone or every situation. The core question is simple: will the monthly savings or other benefits outweigh the costs and effort of refinancing? If rates have dropped meaningfully since you closed, or if your credit has improved, refinancing might lower your payment or shorten your loan term. But closing costs and the time to process the loan are real factors. I always recommend looking at the full picture—how long you plan to stay in the home, what fees are involved, and what your new rate might be. The math needs to work in your favor. If you're curious whether refinancing could benefit your situation, I'm happy to run the numbers with you and be honest about whether it makes sense. Reach out if you'd like to explore whether refinancing is worth considering 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
At Home With Gary Foote
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