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Mortgage Market Update
David Fonseca
David Fonseca
Thursday, October 22, 2026
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Should you refinance your mortgage? |
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I get asked about refinancing more than almost anything else. The tricky part is that it's not one-size-fits-all, and timing matters as much as rates do.
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National Mortgage Rates · October 21, 2026
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Conventional 30-Year
7.30%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates 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 does a refi actually make sense?
Refinancing can be a smart move, but it's not automatic. The real question isn't whether rates dropped—it's whether the math works for your situation. You'll want to weigh the costs of refinancing (appraisal, title work, processing fees) against how long you plan to stay in the home and what you'd save on your monthly payment or total interest. Sometimes staying put is the better call. I've seen borrowers save thousands, and I've also steered people away from deals that didn't pencil out. That's where having a real conversation matters. If you've been wondering whether refinancing could help you, let's crunch the numbers together and see if it makes sense for where you are right now. Reach out and we can walk through whether a refi might work for you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 David Fonseca team any time and we'll walk you through your options. |
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