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Thursday, September 3, 2026 |
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Mortgage Market Update
When rates move, here's what changes
Hi there. This week I want to walk you through something I explain often—how rate swings affect your actual payment.
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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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Rate Movement
What happens to your payment when rates shift
Mortgage rates move constantly, and I know that can feel unsettling if you're thinking about buying or refinancing soon. Here's what actually matters: when rates go up, your monthly payment goes up on a new loan (or refinance). When rates come down, your payment comes down. The size of that swing depends on how much the rate moves and how much you're borrowing. If you're already locked in on a mortgage, your payment stays the same—rate changes don't touch it. But if you're shopping or considering a refinance, it's worth understanding how even a small rate movement can shift what you're comfortable paying each month. That's why timing and strategy matter.
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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 Jake Kornberg team any time and we'll walk you through your options.
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5060 Baker Rd Minnetonka, MN. 55345
612-396-0227
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