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Mortgage Market Update
Fawn Crosby
Fawn Crosby
Thursday, September 3, 2026
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When should you lock your rate? |
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Hi there—this week I want to walk you through one of the most common decisions borrowers face during the loan process.
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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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Smart Timing
When to lock in your rate
One question I hear often is whether someone should lock their mortgage rate immediately or wait to see if rates drop. The honest answer is that timing the market perfectly isn't realistic—but understanding how rate locks work can help you make a confident decision. When you lock a rate, you're protected if rates rise before closing, which gives you peace of mind. The trade-off is that if rates fall, you're typically committed to your locked price. I always tell clients: lock when you feel comfortable with the rate, not when you think you've spotted the absolute bottom. The cost of waiting for "just a bit lower" often outweighs any savings you'd actually gain. Let's talk through the right timing strategy 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 Fawn Crosby team any time and we'll walk you through your options. |
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