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Mortgage Market Update
My Mortgage Company
Patrick's Business
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hi there—I wanted to cover a question that comes up a lot this time of year. Let's look at what makes refinancing a smart move (and when it's not).
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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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Refinance Strategy
When does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and the answer really depends on your situation. If rates have moved lower since you closed, or if your credit has improved, you might have an opportunity to lower your payment or shorten your loan term. But refinancing isn't free—there are closing costs involved, and it takes time. The key is figuring out whether the savings over time outweigh what you'll pay upfront. I can walk you through the math specific to your loan and help you decide if it makes sense right now. There's no one-size-fits-all answer, which is exactly why it's worth a conversation. Let's talk about whether refinancing could work for 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
Patrick's Business
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