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Mortgage Market Update
Melissa Carbonell
Melissa Carbonell
Tuesday, October 20, 2026
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Refinancing 101: does it apply to you? |
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Hi there,
Sometimes homeowners ask me whether they should refinance, but aren't sure if it's even an option for their situation. Let me break down the basics.
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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 it makes sense to refinance your mortgage
Refinancing isn't a one-size-fits-all move, but it's worth understanding when it could work in your favor. The most common reason people refinance is to lower their monthly payment or shorten their loan term when rates move in a favorable direction. But refinancing can also help you tap into your home's equity, switch from an adjustable rate to a fixed one, or consolidate debt. The catch: refinancing involves closing costs and a new application process, so you'll want to do the math to make sure the savings justify the expense. If you're curious whether refinancing could benefit your situation, I'd be happy to walk through the numbers with you. Reach out if you'd like to explore whether refinancing makes sense for your loan.
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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 Melissa Carbonell team any time and we'll walk you through your options. |
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