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Mortgage Market Update
Jasmine Wright
Mortgages the Wright Way
Wednesday, September 2, 2026
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When rates move, here's what changes for you |
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Hi there—I wanted to share something important about how mortgage rates affect your real buying power. Understanding this one concept can save you stress and money down the road.
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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
What happens to your buying power when rates shift
Rate changes hit your wallet faster than you might think. When rates move up, your monthly payment grows on the same loan amount—which means you can afford less house for the same budget. The reverse is true too: lower rates can stretch your purchasing power. This matters whether you're shopping now or thinking about your next move. Understanding this relationship helps you make smarter decisions about timing, down payment size, and which properties actually fit your financial picture. If you're wondering how current conditions affect what you can afford, let's talk through your specific situation. Reach out and we can run some numbers based on where rates are today.
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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 Jasmine Wright team any time and we'll walk you through your options. |
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