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Mortgage Market Update
Alvin Ransom
Alvin Ransom
Thursday, October 22, 2026
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Should you refinance? Here's how to decide. |
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One of the questions I hear most is whether now is a good time to refinance. The answer depends on more than just interest rates.
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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 Basics
When refinancing actually makes sense
A lot of homeowners think about refinancing when rates drop, but timing matters less than your full picture. Refinancing can lower your monthly payment, shorten your loan term, or switch from an adjustable to a fixed rate — but it comes with costs and a new loan timeline. The real question isn't whether rates are lower; it's whether the long-term benefit outweighs what you'll pay to make the switch. Some people refinance and recoup those costs in a few years. Others find they're better off staying put. I can walk you through the numbers specific to your situation so you know whether it makes sense 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 Alvin Ransom team any time and we'll walk you through your options. |
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Dallas, TX
(469)-564-1633 | https://alvinransom.theradcrm.com
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