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Mortgage Market Update
Scott Smith
Scott Smith
Thursday, September 3, 2026
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Picking the right loan type for you |
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Hi there. This week I want to talk about something that gets overlooked—the loan program itself, not just the rate attached to it.
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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 Money Habit
Why your loan type matters more than you think
When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the type of loan you choose—fixed-rate, adjustable-rate, FHA, conventional—shapes your entire borrowing experience. Each has trade-offs: a fixed rate gives you predictability; an adjustable rate might start lower but can change. Some programs require less down, others offer better terms for strong credit. Understanding which loan fits your life (not just your budget today) keeps you from making a choice you'll regret in five years. I'd like to walk you through your options and what each one really means for your situation. Let's talk about which loan program makes sense for your goals.
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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 Scott Smith team any time and we'll walk you through your options. |
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