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Mortgage Market Update
Brandy Harris
Brandy Harris
Wednesday, September 2, 2026
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Should you lock your rate right now? |
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Choosing when to lock in your mortgage rate is one of the tougher decisions in the lending process. Let me break down the thinking so you can decide with confidence.
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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
When to lock in your rate (and when to wait)
Rate locks exist for a reason: they protect you during the loan process so your monthly payment doesn't change if the market moves. But timing matters. If rates are historically high and falling, locking early gives you peace of mind. If rates are stable or climbing, waiting might cost you—or save you, depending on how fast things move. There's no crystal ball here, but understanding your own comfort level with rate risk helps you make a decision you won't second-guess. I'm happy to walk you through the trade-offs and help you think through what makes sense for your situation. Reach out if you'd like to talk through rate lock strategy before your next move.
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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 Brandy Harris team any time and we'll walk you through your options. |
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