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Mortgage Market Update
Albert Miller
Albert Miller
Thursday, September 3, 2026
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The 15 vs. 30 year question |
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Hi there. This week I want to walk you through one of the biggest decisions in getting a mortgage—and it's one I see homebuyers overlook.
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National Mortgage Rates · August 27, 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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Mortgage Basics
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets most of the attention—but the length of your loan is just as important to your financial picture. A shorter loan term means you build equity faster and pay less interest overall, but your monthly payment will be higher. A longer term spreads payments out, making them easier to manage month to month, but you'll pay more interest in the long run. Neither choice is automatically "right"—it depends on your income, your goals, and how long you plan to stay in the home. The best move is to understand the trade-off and pick the term that actually fits your life, not just your current budget. Let's talk about which loan term makes sense for your situation.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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 Albert Miller team any time and we'll walk you through your options. |
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