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Mortgage Market Update
Kaelan Cheatham
Kaelan Cheatham
Wednesday, September 2, 2026
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Where your mortgage payment really goes |
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Hi there—I wanted to share something I discuss with almost every borrower who sits down with me.
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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 Money
What your monthly payment actually covers
A lot of people focus on their interest rate and forget about how their payment breaks down each month. Early on, most of what you pay goes toward interest—not principal. That changes over time, and understanding the pattern helps you see why paying a bit extra toward principal early can make a real difference. It also explains why a refinance might make sense at certain points, and why staying the course matters even when progress feels slow. I find that homeowners who understand their amortization sleep better at night, because they see exactly how their equity is building. Let's talk about your loan and where your payments are actually going. That conversation often reveals opportunities you didn't know existed. Reach out whenever you'd like to review how your payment breaks down.
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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 Kaelan Cheatham team any time and we'll walk you through your options. |
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