|
Mortgage Market Update
John Kean
John Kean
Thursday, October 22, 2026
|
Does refinancing actually pay off for you? |
|
Hi there—I wanted to talk about one of the biggest refinancing mistakes I see: acting on rate news without doing the homework first.
|
|
National Mortgage Rates · October 20, 2026
|
Conventional 30-Year
7.33%
|
|
| |
|
%22%2C%22fill%22%3Atrue%2C%22tension%22%3A0.4%2C%22pointRadius%22%3A4%2C%22pointBackgroundColor%22%3A%22%233b5bdb%22%2C%22borderWidth%22%3A2%7D%5D%7D%2C%22options%22%3A%7B%22plugins%22%3A%7B%22legend%22%3A%7B%22display%22%3Afalse%7D%7D%2C%22scales%22%3A%7B%22y%22%3A%7B%22ticks%22%3A%7B%22callback%22%3A%22function(v)%7Breturn%20v%2B%5C%22%25%5C%22%7D%22%2C%22color%22%3A%22%23666%22%7D%2C%22grid%22%3A%7B%22color%22%3A%22rgba(0%2C0%2C0%2C0.06)%22%7D%7D%2C%22x%22%3A%7B%22grid%22%3A%7B%22display%22%3Afalse%7D%2C%22ticks%22%3A%7B%22font%22%3A%7B%22size%22%3A11%7D%2C%22color%22%3A%22%23666%22%7D%7D%7D%7D%7D&w=520&h=180&bkg=white&f=12) |
|
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.
|
|
|
|
Refinancing Basics
When a rate drop actually makes sense to act on
Not every rate movement means you should refinance. The real question is whether the monthly savings will outweigh the cost of refinancing over the time you plan to stay in your home. Some people break even in a few months; others need several years. That's why the smartest move is to run the actual math with your specific loan, not just chase headlines about rates falling. I can show you the numbers for your situation—what your new payment would be, how long it takes to recoup closing costs, and whether it pencils out for your goals. If it does, great. If it doesn't, we've still got clarity, and you know exactly what rate environment would make it worth doing. Let's look at whether a refinance makes sense for you right now.
|
|
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.
|
|
Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
|
|
1.
|
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.
|
|
2.
|
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.
|
|
3.
|
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.
|
|
|
Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the John Kean team any time and we'll walk you through your options. |
|
|
You are receiving this from John Kean. Unsubscribe
|