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Mortgage Market Update
My Mortgage Company
Thomas O'Donnell
Thursday, September 3, 2026
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Should you refinance your mortgage? |
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It's easy to focus on interest rates alone, but refinancing involves more nuance than that. This week I want to walk you through how to think about it the right way.
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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 long-term benefit outweighs what you'll pay to refinance. If you're planning to stay in your home for several more years, a lower rate can mean real savings. But if you're thinking of selling or moving soon, the closing costs might not be worth it. I also see borrowers overlook their current loan terms—sometimes a shorter loan or a switch from adjustable to fixed actually serves them better than just chasing a lower number. The best refinance is one that aligns with your actual plans, not just today's headlines. Let's talk through your situation and run the real numbers. Reach out if you'd like to explore whether refinancing makes sense for your loan.
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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
Thomas O'Donnell
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