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Mortgage Market Update
Joseph Kennaley
Joseph Kennaley
Thursday, August 20, 2026
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Should you refinance? Here's how to decide. |
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Refinancing gets a lot of attention, but it's not right for everyone. This week, I want to walk you through when it actually pencils out.
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National Mortgage Rates · August 13, 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 actually makes sense
I get asked often whether someone should refinance, and the honest answer is: it depends on your situation. Refinancing isn't always the right move, even when rates shift. The main reason people refinance is to lower their monthly payment or shorten their loan term, but there are closing costs involved, so you need to think about how long you'll stay in the home. If you're planning to move in a few years, refinancing might not pay for itself. On the flip side, if you're settling in and rates have moved favorably, it could free up real money each month or help you build equity faster. The key is looking at your specific numbers—not just the rate, but the full picture of costs and benefits. Let's talk through whether refinancing makes sense for your home and timeline.
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Tip of the Week
If your credit score is below 740, even small improvements before applying for a mortgage can save you thousands over the life of the loan.
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Tips for Homeowners
Weatherproofing Your Home Before Winter
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1.
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Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.
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2.
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Check attic insulation and ventilation before winter. Inadequate insulation leads to heat loss, higher energy bills, and ice dams on the roof that can cause significant damage.
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3.
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Inspect weatherstripping on all exterior doors. A simple dollar-bill test works: close the door on a bill — if you can pull it out easily, your weatherstripping needs replacing.
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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 Joseph Kennaley team any time and we'll walk you through your options. |
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