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Mortgage Market Update
Timothy Dial
Timothy Dial
Thursday, August 20, 2026
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Should you refinance? Here's how to tell. |
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Refinancing comes up a lot in conversations, but not every loan swap is the right move. This week, I want to share the real way to think about it.
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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 a refi makes sense (and when it doesn't)
Refinancing sounds simple—trade your old loan for a new one—but it only makes financial sense under certain conditions. The main reason people refinance is to lower their monthly payment or shorten their loan term, which happens when rates drop or your credit improves. But a refi comes with costs: closing costs, appraisals, and processing time. Before you apply, do the math. If you're planning to stay in your home long enough to recoup those costs through your monthly savings, it could be worth it. If you're thinking of moving in a few years, the numbers probably don't work. I'm happy to walk through your specific situation and show you whether refinancing could actually put you ahead. Let's talk through whether a refinance makes sense for you right now.
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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 Timothy Dial team any time and we'll walk you through your options. |
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