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Mortgage Market Update
My Mortgage Company
Len Padilla
Thursday, September 3, 2026
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Does your current mortgage still fit? |
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Hi there. This week I want to cover a question I hear often: when should you think about refinancing?
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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 just about chasing lower rates—though that can be one good reason. You might refinance to shorten your loan term, switch from an adjustable to a fixed rate, tap your home's equity for a major expense, or consolidate debt. The key is weighing what you'll pay in closing costs against what you'll actually save over time. If you're planning to stay in your home long enough to break even on those costs, refinancing can be a smart move. Not sure if your situation makes sense? I'm happy to walk through the numbers with you—no pressure, just clarity. Let's talk about whether refinancing could work for you.
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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
Len Padilla
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