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Mortgage Market Update
My Mortgage Company
Mike Garrett
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Refinancing can be a smart financial move, but it's not always the right choice for everyone. This week, I'm breaking down how to figure out if it makes sense for your situation.
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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 look good. The real question is whether the benefit you'll receive over time outweighs the cost to refinance. I always tell borrowers to think long-term: if you're planning to stay in your home for several more years, refinancing might make real sense. But if you're thinking about selling or moving soon, the math might not work in your favor. Loan programs, your credit profile, how much equity you've built, and your current loan terms all play a role. The best approach is to sit down with someone who can run the numbers specific to your situation—no guessing required. Let's talk through whether refinancing could work for you right now.
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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
Mike Garrett
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