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Mortgage Market Update
My Mortgage Company
Stephanie Pena - FD
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about one of the most common questions I hear—and one that doesn't always have the same answer for everyone.
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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 isn't always the right move, even when rates look attractive. The real question is whether the monthly savings and long-term benefit justify the costs and time involved. Some borrowers benefit immediately; others need to stay in their home long enough to break even on closing costs. Your current loan balance, how much longer you plan to own the home, and the difference between your rate and available rates all factor in. I've seen people save thousands over time and others who were better off holding their current loan. That's why it's worth running the real numbers for your specific situation before making a decision. If you're curious whether refinancing could work for you, I'm happy to walk through the math.
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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
Stephanie Pena - FD
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