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Mortgage Market Update
My Mortgage Company
Chad Pennington — Lindsey Pennington
Thursday, September 3, 2026
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Your real budget vs. the rate you find |
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Here's a question I ask every borrower, and it often stops them in their tracks: do you know the difference between what you can afford and what you can actually live with?
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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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Home Affordability
Why your budget matters more than the rate
I talk to a lot of people who focus entirely on interest rates when they're shopping for a mortgage. Here's what I've learned: the rate matters, but your actual monthly payment—and whether you can comfortably afford it—matters more. A lower rate means nothing if the loan amount stretches your finances too thin. Before you fall in love with a house or start rate-hunting, take an honest look at what you can pay each month without stress. That includes the mortgage itself, plus taxes, insurance, HOA fees, utilities, and everything else. When you know your real number, you're in control. You're not chasing rates; you're making a decision that works for your life. I'm here to help you think it through. Let's talk about what a realistic payment looks like 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Chad Pennington — Lindsey Pennington
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