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Thursday, September 3, 2026 |
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Mortgage Market Update
New home sales slip, but permits offer hope ahead
The housing market is sending mixed signals as we head into fall. Here's what the latest data means for your wallet and your timing.
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Loan Programs
More loan options than you might think
When you're shopping for a mortgage, it's easy to assume there's one standard path. In reality, you have choices—and the right program can make a real difference in your monthly payment and long-term costs. Some borrowers benefit from fixed-rate loans for predictability. Others prefer adjustable rates if they plan to move or refinance soon. Then there are specialized programs for first-time buyers, rural properties, or unique financial situations. The loan that works best depends on your timeline, risk tolerance, and goals. I'd love to walk you through what's available to you and help you understand the trade-offs of each option. Let's talk through which loan program might be the best fit 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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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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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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After a stronger June, new home sales dropped sharply in July as builders and buyers both hit a wall. Affordability pressures and higher mortgage rates are keeping many shoppers on the sidelines, even as inventory picks up. If you've been waiting for more selection, that part is finally happening—but prices and rates remain the real sticking point.
| Key takeaway: More homes to choose from is good, but it won't help your monthly payment unless rates come down or you expand your budget. |
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Builders hit the brakes on new construction in July, but there's a brighter signal underneath: building permits rebounded sharply. Permits are a leading indicator of future construction, so this suggests builders are cautiously optimistic that demand will return. It's not a home run yet, but it's not all gloom either.
| Key takeaway: Don't read July's slowdown as a crisis—the permit jump hints that builders expect conditions to improve in the months ahead. |
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Signed contracts on existing homes fell again in July, marking the lowest point in over a year. Buyers are still struggling with the combination of elevated rates and record-high prices. It's a tough environment, but slowing demand sometimes creates room for negotiation if you're ready to move.
| Key takeaway: With fewer buyers competing, you may have more leverage on price or terms—if you can qualify and can afford the monthly payment. |
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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 Dave Nuber team any time and we'll walk you through your options.
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33600 6th Ave S Suite 204 Federal Way, WA, 98003
(206) 227-6227
NMLS# 109013 · Company NMLS# 181106
Dave Nuber - Barrett Financial Group · Unsubscribe
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