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Mortgage Market Update
Thomas Harris
Thomas Harris
Wednesday, September 2, 2026
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One thing that almost derailed my closing |
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Most borrowers know credit matters when they apply for a mortgage. But there's a step in the middle that catches people off guard.
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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 Habits
Why your loan officer checks your credit before closing
Here's something that surprises a lot of borrowers: we pull your credit report again near the end of the loan process, not just at the start. That's because lenders need to make sure nothing changed between application and closing—new credit cards, missed payments, or a sudden debt spike can affect your loan approval and rate. It sounds strict, but it protects you too. If we spot an issue early, we have time to work through it or adjust your terms. The best move: avoid opening new accounts, making large purchases on credit, or missing payments during your mortgage timeline. Small habits now can mean smoother closing and better terms. If you're in process or thinking about buying, let's talk about what to watch for.
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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 Thomas Harris team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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Thomas Harris
Thomas Harris
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