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Mortgage Market Update
Barrett Financial
Barrett Financial
Wednesday, September 2, 2026
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What a rate change actually costs you |
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Hi there. Rates have been active lately, and I wanted to shed some light on what that means for you as a borrower.
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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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Affordability & Rates
How rate changes hit your monthly payment
When rates move, your monthly mortgage payment moves with them—even if you're not refinancing. If you're shopping for a home or considering a new loan, a small shift in rates can add or subtract meaningful money from what you pay each month. Understanding this connection helps you budget more realistically and decide whether now is the right time to move forward. The relationship between rates and payments is straightforward, but it's easy to underestimate the impact. I'm here to walk you through the numbers and help you see exactly where you stand. Let's talk about what rate environment means for your specific situation.
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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 Barrett Financial team any time and we'll walk you through your options. |
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