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Mortgage Market Update
Shannon Palmer
Shannon Palmer
Thursday, September 3, 2026
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Picking the right mortgage type for you |
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Hi there. This week I want to cover something that often gets overlooked when people are shopping for a mortgage—but it shouldn't be.
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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 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, or VA—shapes your entire borrowing experience. Each has different rules about what you pay upfront, how your payments work over time, and what flexibility you have later. A fixed-rate mortgage gives you payment stability. An adjustable-rate loan might start lower but can change. Government-backed programs like FHA loans help borrowers with smaller down payments qualify. Understanding which loan type fits your situation, timeline, and comfort level is just as important as chasing the lowest rate. I'd be happy to walk you through the pros and cons of each program and help you find the right fit. 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 Shannon Palmer team any time and we'll walk you through your options. |
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