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Mortgage Market Update
Kevin Burrus
Kevin Burrus
Wednesday, September 2, 2026
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Your monthly payment—what really matters |
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Everyone wants the lowest rate. But here's what actually shapes your budget each month.
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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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Affordability & Payments
Why your monthly payment matters more than the rate
I talk to a lot of borrowers who focus entirely on interest rates—and I get it, rates are important. But here's what I've learned: what really moves the needle on your budget is your actual monthly payment. Two loans with similar rates can feel completely different depending on the loan term, down payment, and loan program you choose. A longer loan term lowers your monthly payment but costs you more in interest over time. A larger down payment reduces what you borrow and can improve your rate, but it takes longer to save. There's no one-size-fits-all answer, which is why I always recommend looking at the full picture—not just the rate. Let's talk about what payment works for your situation. Give me a call or send me a message, and we can run some real numbers based on your goals.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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 Kevin Burrus team any time and we'll walk you through your options. |
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