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Mortgage Market Update
Lee Simanoff
Lee Simanoff
Thursday, August 20, 2026
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When should you refinance? |
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Hi there. This week I want to walk you through one of the most common questions I hear when rates move.
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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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Smart Money
What to do when rates drop
When mortgage rates fall, homeowners often face a choice: refinance to a lower rate, or stay put. The answer depends on a few things—mainly how long you plan to stay in your home and what your current rate looks like compared to where rates are now. Refinancing isn't free, so it only makes sense if the monthly savings add up over time. But sometimes a rate drop is worth acting on quickly, because rates can move back up just as fast. If you've been thinking about refinancing, now might be the moment to run the numbers and see if it pencils out for your situation. If you'd like to talk through whether refinancing makes sense for you right now, I'm here to help.
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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 Lee Simanoff team any time and we'll walk you through your options. |
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