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Mortgage Market Update
My Mortgage Company
Chad Pennington — Lindsey Pennington
Thursday, August 20, 2026
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Should you refinance? Here's how to tell. |
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Hi there—this week I want to talk about one of the most common questions I get from homeowners with mortgages they've had for a while.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look appealing. The real question is whether the monthly savings justify closing costs and a new loan term. If you're planning to stay in your home long enough to recoup those upfront expenses, refinancing can lower your payment or shorten your loan. But if you're thinking about selling in a few years, the math might not work in your favor. I run these scenarios for homeowners all the time—some discover refinancing saves them tens of thousands; others find they're better off staying put. The only way to know is to look at your specific situation: your current rate, the new rate, your remaining balance, how long you plan to stay, and your closing costs. That's where we can help. Let's talk through 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Chad Pennington — Lindsey Pennington
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