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Mortgage Market Update
Todd Sevier
Todd Sevier
Wednesday, September 2, 2026
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Your payment vs. your rate—which matters more? |
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I get a lot of questions about interest rates, and they're important. But I want to make sure you're thinking about the full picture of what a loan actually costs you month to month.
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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
Why your monthly payment matters more than the rate
When you're looking at a mortgage, it's natural to focus on the interest rate—but here's what I see matter most to borrowers: the actual payment that comes out of your account each month. Two loans with similar rates can have very different payments depending on the loan term, down payment, and loan type you choose. A longer loan term lowers your monthly cost but costs you more interest over time. A shorter term builds equity faster but requires a bigger payment. The right choice depends on your budget and goals, not just what rate you can get. If you'd like to talk through what payment makes sense for your situation, I'm here to walk through the numbers with you. Let's find a payment that fits your budget—reach out anytime.
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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 Todd Sevier team any time and we'll walk you through your options. |
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