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Mortgage Market Update
Jessica Firmiano
Jessica Firmiano
Wednesday, September 2, 2026
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Picking the right loan type for you |
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Hi there—this week I want to cover something fundamental that sometimes gets overlooked: the different mortgage programs available and why the one you choose really does matter.
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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
Not all mortgages work the same way, and picking the right one can shape your financial life for years. Some loans lock in your rate for the entire term—predictable and steady. Others adjust over time, which might start lower but change with the market. Then there are programs designed for specific situations: first-time buyers, those with less-than-perfect credit, or borrowers who want to put down less upfront. The right choice depends on your timeline, risk tolerance, and what you're trying to accomplish. I'd love to walk you through your options so you understand not just the terms, but why one might fit your situation better than another.
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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 Jessica Firmiano team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
(908) 656-3886 | https://petracephasinc.theradcrm.com/
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