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Mortgage Market Update
My Mortgage Company
Michael Farrell
Thursday, September 3, 2026
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Does refinancing make sense right now? |
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Refinancing is one of those financial moves that sounds good in theory—but the details matter. Here's what you should know before you decide.
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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 Strategy
When refinancing makes sense—and when it doesn't
Refinancing can be a smart move, but it's not right for everyone or every situation. The main reason people refinance is to lower their monthly payment or shorten their loan term, which typically happens when rates drop. But refinancing also comes with costs and a new loan timeline, so it only pays off if you'll stay in your home long enough to recoup those expenses. Other borrowers refinance to tap into home equity for major expenses, switch from adjustable to fixed rates for peace of mind, or consolidate debt. The best refinance decision starts with honest questions: How long do you plan to stay? What's your real goal—lower payment, faster payoff, or cash? I can walk through the numbers with you and help you figure out what actually makes sense for your situation. If you're wondering whether refinancing could work for you, let's talk through your options.
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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
Michael Farrell
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