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Mortgage Market Update
Rad Mortgage
Rad Mortgage - Personal Account
Wednesday, September 2, 2026
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What a rate drop means for your payment |
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A Note From Rad Mortgage
This week we were able to help a family move into their first home and got them cleared to close in under 10 days! We are grateful for any referrals and would love to provide this experience for any of your family and friends!
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Rates move constantly, and when they do, your options change. Here's what you need to know if rates have fallen since you bought or last refinanced.
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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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Mortgage Basics
What happens to your payment when rates drop
When interest rates fall, homeowners with fixed-rate mortgages don't automatically benefit—your current payment stays the same. But a rate drop creates an opportunity: you can refinance to a new loan at the lower rate, which typically means a smaller monthly payment, or you can keep your payment the same and pay off your home faster. Either way, it's worth a conversation if rates have moved meaningfully lower since you closed. The math works differently for everyone depending on how long you plan to stay in your home, but the opportunity is real when the market shifts in your favor.
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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 Rad Mortgage team any time and we'll walk you through your options. |
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4802720845 | radcliffemortgageteam.com
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