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Mortgage Market Update
My Mortgage Company
Chris McGahan
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 tackle a question I hear often: when does refinancing actually make financial sense?
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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 isn't always the right move, even when rates drop. The real question is whether the savings over time outweigh the costs of refinancing—things like appraisal fees, title work, and processing. I always tell clients to run the math first. If you're planning to sell or move in a few years, refinancing might not pencil out. But if you're staying put and rates have moved meaningfully in your favor, it could free up real monthly cash flow or help you pay off your loan faster. The best approach is honest: look at your current loan terms, your timeline, and what the new terms would be. I'm here to walk you through those numbers so you can decide with confidence. Give me a call or send a message if you'd like to explore whether refinancing could work 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
Chris McGahan
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