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Mortgage Market Update
Alvin Ransom
Alvin Ransom
Thursday, October 22, 2026
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Should you refinance your mortgage? |
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One of the most common questions I get is whether someone should refinance. The answer almost never is simply yes or no.
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National Mortgage Rates · October 21, 2026
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Conventional 30-Year
7.30%
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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 sounds simple—replace your old loan with a new one—but the real question is whether it actually improves your situation. The math depends on how long you plan to stay in your home, what your current rate is compared to where rates are now, and how much you'd pay in closing costs. Sometimes refinancing saves you real money over time. Other times, the fees eat up any benefit you'd gain. I often talk to borrowers who've been sitting on this decision for months, unsure if it's worth exploring. The only way to know is to run the actual numbers for your specific loan and timeline. There's no shame in deciding it's not the right move—but you shouldn't make that choice without getting the facts first.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 Alvin Ransom team any time and we'll walk you through your options. |
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Dallas, TX
(469)-564-1633 | https://alvinransom.theradcrm.com
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