Mortgage Market Update

Michael Hutchinson

Thursday, August 20, 2026

Does refinancing make sense right now?

Hi there—this week I'm breaking down one of the questions I hear most often from homeowners like you. Let's talk about when refinancing actually pays off.

National Mortgage Rates · August 13, 2026

30-Year Fixed

6.67%

FHA 30-Year

6.46%

VA 30-Year

6.36%

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.

Refinancing Basics

When refinancing makes sense (and when it doesn't)

A lot of homeowners wonder if they should refinance, but the answer really depends on your situation. It's worth exploring if rates have moved meaningfully lower than your current loan, you plan to stay in your home long enough to recoup closing costs, or your credit has improved since you first borrowed. On the flip side, if you're only a few years into your mortgage, rates haven't budged much, or you're planning to move soon, refinancing might cost more than it saves.

The key is doing the math on your timeline and goals—not just chasing a lower rate. I'm here to walk through the numbers with you and help you figure out what actually pencils out for your home. Let's talk through whether it makes sense for you.

Reach out anytime you'd like to run the numbers together.

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.

Tips for Homeowners

Weatherproofing Your Home Before Winter

1.	Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.

2.	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.

3.	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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Michael Hutchinson team any time and we'll walk you through your options.

Your Mortgage Advisor

Michael Hutchinson

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