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Mortgage Market Update
Ryan Harding
Work Hard Mortgage
Thursday, August 20, 2026
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Refinancing: more than just a lower rate |
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I talk with homeowners all the time who see a rate drop and wonder if they should refinance. Here's what actually matters when you're deciding.
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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?
Refinancing isn't always the right move, even when rates drop. The real question is whether the savings over time outweigh what you'll pay in closing costs. If you've built significant equity and plan to stay in your home long enough to recoup those upfront expenses, it might be worth exploring. But if you're thinking of moving in a few years, or your loan is already near the end of its term, refinancing could actually cost you more than it saves. I'd be happy to run the numbers with your specific situation so you can see the real picture—not just the promise of a lower rate. Let's talk through whether refinancing makes sense for you.
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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 Ryan Harding team any time and we'll walk you through your options. |
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