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Mortgage Market Update
Scott McNeilly
Scott McNeilly
Wednesday, September 2, 2026
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What actually moves your monthly payment |
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Hi there — I wanted to share something I see catch borrowers off guard.
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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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Home Affordability
Your payment matters more than the rate
I talk to borrowers every week who focus entirely on interest rates, but here's what I've learned: the rate is just one piece of the puzzle. What really affects your life is the monthly payment — and that depends on the rate, the loan amount, the term, and your down payment all working together. Two people with the same rate can have very different payments, and two people with different rates might pay nearly the same thing each month. If you're shopping for a home or thinking about your current mortgage, it's worth looking at the full picture. I'm happy to walk through what different scenarios might look like for you. Let's talk through what a realistic payment range might be 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 Scott McNeilly team any time and we'll walk you through your options. |
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