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Mortgage Market Update
Fawn Crosby
Fawn Crosby
Wednesday, September 2, 2026
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When should you lock your rate? |
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Hi there—this week I want to walk you through one of the most common decisions borrowers face during the loan process.
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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 Timing
When to lock in your rate
One question I hear often is whether someone should lock their mortgage rate immediately or wait to see if rates drop. The honest answer is that timing the market perfectly isn't realistic—but understanding how rate locks work can help you make a confident decision. When you lock a rate, you're protected if rates rise before closing, which gives you peace of mind. The trade-off is that if rates fall, you're typically committed to your locked price. I always tell clients: lock when you feel comfortable with the rate, not when you think you've spotted the absolute bottom. The cost of waiting for "just a bit lower" often outweighs any savings you'd actually gain. Let's talk through the right timing strategy for your situation.
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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 Fawn Crosby team any time and we'll walk you through your options. |
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