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Mortgage Market Update
Eric Painter
Eric Painter
Thursday, August 20, 2026
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Should you refinance your mortgage? |
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Hi there,
This week I want to tackle a question I hear often: when is the right time to refinance?
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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 does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and honestly, the answer depends on your personal situation more than it depends on rates alone. Refinancing can lower your monthly payment, shorten your loan term, or help you access cash you've built up in your home—but it also comes with costs and a new loan timeline to consider. The key is understanding what you're trying to achieve. Are you looking to reduce what you pay each month? Lock in stability? Tap your equity for a specific goal? Once you're clear on that, we can look at whether the math works for you. I'd love to walk through your options and see if a refinance could help you reach your goals. Let's talk about whether refinancing makes sense for your situation.
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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 Eric Painter team any time and we'll walk you through your options. |
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