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Mortgage Market Update
Hema Konki
Hema Konki
Wednesday, September 2, 2026
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When's the right time to lock your rate? |
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Timing a mortgage rate decision can feel like guessing. Here's what I actually tell my clients when they ask.
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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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Smart Money
When should you lock in your rate?
One question I hear often is timing—should you lock your rate today, or wait to see if rates move lower? The truth is, there's no crystal ball. What I can tell you is that locking protects you from rate increases while your loan is processing. If rates drop after you lock, many programs allow you to float down and capture a better rate before closing. The cost of waiting isn't always worth the hope of a small improvement. I recommend thinking about your comfort level: if a rate increase would stress your budget, locking sooner gives you peace of mind. If you're curious about your options, let's talk through what makes sense for your timeline. Reach out this week if you'd like to walk through when to lock—I'm here to help you feel confident about the timing.
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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 Hema Konki team any time and we'll walk you through your options. |
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