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Wednesday, September 2, 2026 |
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Mortgage Market Update
Your payment locks in — here's how
Hi there — this week I want to clear up a common question about how interest rates and your mortgage payment actually connect.
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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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Payment Planning
What happens to your mortgage when rates shift
I get asked this a lot: if rates go up or down, does my payment change? The answer depends on what kind of loan you have. If you're locked into a fixed-rate mortgage, your payment stays exactly the same for the entire loan — that's the security of fixed rates. But if you're thinking about taking out a new loan or refinancing, rate changes absolutely affect what you'd pay each month on a new loan. The relationship is direct: when rates move, lenders adjust what borrowers pay monthly to stay competitive. Understanding this helps you plan ahead and know when a rate move might create an opportunity worth exploring.
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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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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 My Mortgage Company team any time and we'll walk you through your options.
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2701 East Insight Way, Suite 150, Chandler, AZ 85286
9568885582
Barrett Financial Group, L.L.C. · Unsubscribe
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