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Mortgage Market Update
Jerel Richart
Jerel Richart
Tuesday, October 20, 2026
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Should you refinance your mortgage? |
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Hi there. Every week I work with borrowers trying to figure out what their next move should be.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates 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 (and when it doesn't)
Refinancing isn't always the right move—even when rates drop or your financial situation improves. The real question is whether the benefits outweigh the costs and time involved. Some borrowers refinance to lower their rate or monthly payment. Others do it to shorten their loan term, tap equity, or switch from adjustable to fixed. But each scenario has trade-offs worth considering carefully. If you're wondering whether now is the right time for you, I'd be happy to walk through the numbers and help you decide. There's no one-size-fits-all answer, but there is a right answer for your situation. Reach out if you'd like to explore whether refinancing could work for you.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 Jerel Richart team any time and we'll walk you through your options. |
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