|
Mortgage Market Update
My Mortgage Company
Michael Pennington
Thursday, September 3, 2026
|
Does refinancing fit your plan right now? |
|
Refinancing is one of the most misunderstood moves a homeowner can make. Let me clear up when—and why—it actually pays off.
|
|
National Mortgage Rates · August 27, 2026
|
%22%2C%22fill%22%3Atrue%2C%22tension%22%3A0.4%2C%22pointRadius%22%3A4%2C%22pointBackgroundColor%22%3A%22%233b5bdb%22%2C%22borderWidth%22%3A2%7D%5D%7D%2C%22options%22%3A%7B%22plugins%22%3A%7B%22legend%22%3A%7B%22display%22%3Afalse%7D%7D%2C%22scales%22%3A%7B%22y%22%3A%7B%22ticks%22%3A%7B%22callback%22%3A%22function(v)%7Breturn%20v%2B%5C%22%25%5C%22%7D%22%2C%22color%22%3A%22%23666%22%7D%2C%22grid%22%3A%7B%22color%22%3A%22rgba(0%2C0%2C0%2C0.06)%22%7D%7D%2C%22x%22%3A%7B%22grid%22%3A%7B%22display%22%3Afalse%7D%2C%22ticks%22%3A%7B%22font%22%3A%7B%22size%22%3A11%7D%2C%22color%22%3A%22%23666%22%7D%7D%7D%7D%7D&w=520&h=180&bkg=white&f=12) |
|
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.
|
|
|
|
Refinancing Basics
When refinancing makes sense for your situation
Refinancing isn't one-size-fits-all, but it's worth understanding when it might work in your favor. The most common reasons people refinance are to lower their monthly payment, shorten their loan term, or tap into home equity for a major expense. The trade-off is that you're essentially taking out a new loan, which means closing costs and a new timeline to pay off your home. I always tell clients: run the numbers first. How long do you plan to stay in your home? What would your new payment look like? Sometimes the savings take months or years to materialize—and that's okay if you're in it for the long haul. If you're curious whether refinancing could work for you, I'm happy to walk through the specifics of your situation without any pressure. Let's talk. Reach out if you'd like to explore whether a refinance makes sense for your home and goals.
|
|
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.
|
|
Tips for Homeowners
Jumbo Loans: What They Are and How They Work
|
|
1.
|
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.
|
|
2.
|
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.
|
|
3.
|
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.
|
|
|
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. |
|
Your Mortgage Advisor
|
|
|
My Mortgage Company
Michael Pennington
|
|
|
|
You are receiving this from Michael Pennington. Unsubscribe
|