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Mortgage Market Update
Ryan Spencer
Ryan Spencer
Wednesday, September 2, 2026
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When rates drop, what actually changes |
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Hi there. Markets move, and so do mortgage rates. Here's what you need to know about how that affects you.
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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 happens to your payment when rates drop
A lot of people assume that if rates fall, their monthly payment automatically goes down. That's only true if you refinance—which means applying for a new loan to replace your existing one. If you keep your current mortgage, your payment stays the same. The good news: when rates drop, refinancing can be a real opportunity to lower that payment or shorten your loan term without paying much more each month. The catch is that refinancing has costs, so it only makes sense if you plan to stay in your home long enough to recoup them. I'm happy to run the numbers with you and show what a rate change might actually mean for your situation. Let's talk about whether refinancing makes sense for you right now.
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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 Ryan Spencer team any time and we'll walk you through your options. |
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