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Mortgage Market Update
Joey Rivero
Clear Choice Lending Group
Thursday, August 20, 2026
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Should you refinance your mortgage? |
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Hi there, I wanted to share some thoughts on refinancing this week—specifically, how to know if it's the right move for you.
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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
When refinancing makes sense (and when it doesn't)
Refinancing sounds like a no-brainer when rates drop, but the real answer depends on your situation. A lower rate saves money only if you stay in the home long enough to recoup closing costs. Your credit score, current loan balance, and how much time is left on your mortgage all play a role too. Sometimes it makes sense; sometimes you're better off leaving things alone. The key is doing the math on your specific numbers rather than chasing every rate move. I'd be happy to walk through the numbers with you and show you whether refinancing could actually put money back in your pocket. Let's talk through whether refinancing makes sense for your loan 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 Joey Rivero team any time and we'll walk you through your options. |
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