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Mortgage Market Update
My Mortgage Company
Open Door Lending
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hi there. A lot of homeowners wonder whether they should refinance, but the answer isn't always yes—even when rates look attractive. Let me break down how to think about it.
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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 monthly savings justify the closing costs and time involved. It makes the most sense when you plan to stay in your home long enough to recoup those upfront expenses. If you're thinking about a move in a few years, the math might not work in your favor. On the flip side, refinancing can be smart if you're looking to tap home equity for a major expense, shorten your loan term, or lock in a rate before the market shifts. The key is running the numbers specific to your situation—not just chasing the headline rate. I'd be happy to walk through whether refinancing makes sense for you right now. Reach out and let's talk through your options with no pressure.
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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
Open Door Lending
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