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Mortgage Market Update
My Mortgage Company
Chad Rutherford
Thursday, September 3, 2026
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Should you refinance? Here's what to consider |
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Hi there—this week I want to cover a question I hear often: when is the right time to refinance? Let me break down the basics so you can decide if it's worth exploring.
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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 it makes sense to refinance your mortgage
Refinancing isn't right for everyone, but it's worth understanding when it could work in your favor. The most common reason people refinance is to lower their monthly payment when rates drop, but there are other good reasons too—like switching from an adjustable rate to a fixed one, shortening your loan term, or tapping into home equity for a major expense. The trade-off is that refinancing involves closing costs and a new application process, so you'll want to make sure the benefits outweigh those costs over time. Every situation is different, and that's why it helps to run the numbers with someone who knows your specific loan and goals. If you've been wondering whether refinancing could help your situation, I'd love to walk through it with you. Let's talk about whether refinancing makes sense 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
Chad Rutherford
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