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Mortgage Market Update
My Mortgage Company
Lynn Berry — Ryan Berry
Thursday, August 20, 2026
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Should you refinance? Here's how to tell |
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Hi there. This week I want to cover a question I hear often: when does it actually make sense to refinance?
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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 makes sense for your situation
Refinancing isn't right for everyone, but it's worth understanding when it might work for you. The main reasons people refinance are to lower their monthly payment, shorten their loan term, switch from an adjustable to a fixed rate, or tap into home equity for a major expense. The trade-off is that you're essentially taking out a new loan, which comes with closing costs and a reset timeline. That's why it matters to do the math: how much you'll save has to outweigh what you'll pay upfront. Interest rates, your current loan terms, how long you plan to stay in your home, and your credit profile all play a role in whether it makes financial sense. If you're curious whether refinancing could benefit you, I'd love to walk through your specific numbers. Let's talk through whether a refinance might work for your situation.
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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 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
Lynn Berry — Ryan Berry
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