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Thursday, September 3, 2026 |
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Mortgage Market Update
Your payment locks in — here's how
Hi there — this week I want to clear up a common question about how interest rates and your mortgage payment actually connect.
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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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Payment Planning
What happens to your mortgage when rates shift
I get asked this a lot: if rates go up or down, does my payment change? The answer depends on what kind of loan you have. If you're locked into a fixed-rate mortgage, your payment stays exactly the same for the entire loan — that's the security of fixed rates. But if you're thinking about taking out a new loan or refinancing, rate changes absolutely affect what you'd pay each month on a new loan. The relationship is direct: when rates move, lenders adjust what borrowers pay monthly to stay competitive. Understanding this helps you plan ahead and know when a rate move might create an opportunity worth exploring.
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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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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 My Mortgage Company team any time and we'll walk you through your options.
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2701 East Insight Way, Suite 150, Chandler, AZ 85286
9568885582
Barrett Financial Group, L.L.C. · Unsubscribe
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