Russell Wakefield · September 2, 2026

Picking the right loan type for your home

Mortgage Market Update

Russell Wakefield

Russell Wakefield

Wednesday, September 2, 2026

Picking the right loan type for your home

Hi there. This week I want to help you understand how different loan programs work and why the one you choose matters.

National Mortgage Rates · August 27, 2026

30-Year Fixed

6.66%

FHA 30-Year

6.55%

VA 30-Year

6.38%

Rate trend

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.


Loan Programs

What your loan type means for your wallet

Not all mortgages work the same way, and the type you choose shapes your payments, flexibility, and total cost over time. Fixed-rate loans lock in one payment for the life of the loan—predictable and stable. Adjustable-rate mortgages start lower but can change, which matters if you're planning to move or refinance before rates climb. Other programs target specific situations: first-time buyers, veterans, rural borrowers, or those with less-than-perfect credit. The right choice depends on your timeline, risk comfort, and financial picture. I'm here to walk through which program fits your goals and what to expect when you move forward.

Let's talk about which loan program makes the most sense for your situation.

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.

Tips for Homeowners

Understanding Mortgage Points

1.

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.

2.

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.

3.

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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Russell Wakefield team any time and we'll walk you through your options.

Your Mortgage Advisor

R

Russell Wakefield

Russell Wakefield

russ.wakefield@onerealmortgage.com

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