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Mortgage Market Update
My Mortgage Company
Enchanted Kingdom
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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Hello, I wanted to share some clarity on one of the questions I hear most often: when does refinancing actually pay off? Let me break it down for you.
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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 or your situation changes. The real question isn't whether you can refinance—it's whether the benefits outweigh the costs and effort involved. If you've built equity, improved your credit, or rates have shifted meaningfully, refinancing might lower your payment, shorten your loan term, or remove mortgage insurance. But closing costs are real, and breaking even takes time. I always recommend running the numbers based on how long you plan to stay in the home. A refinance that saves you money over five years might not make sense if you're selling in two. Let's talk through your specific situation and see if a refi is worth exploring. Give me a call or send a message—I can walk you through whether refinancing fits your goals.
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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
Enchanted Kingdom
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