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Mortgage Market Update
Elijah Bernhardt
Elijah Bernhardt
Thursday, August 20, 2026
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When should you think about refinancing? |
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Hi there,
I'm sharing some straight talk this week about refinancing—what it is, when it works, and what questions to ask first.
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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 in your favor. The main reasons borrowers 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 catch is that refinancing involves new closing costs and a reset timeline, so the math has to work out. I always tell clients to think about how long they plan to stay in the home—if you're moving in two years, those closing costs may not pay for themselves. If you're staying put and rates have moved in a favorable direction, or your credit has improved significantly since you bought, that's often when a conversation with me makes sense. If you're curious whether refinancing could benefit you, I'd be happy to walk through the numbers with no pressure.
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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 Elijah Bernhardt team any time and we'll walk you through your options. |
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