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Mortgage Market Update
Tarrell Stansberry
Tarrell Stansberry
Wednesday, September 2, 2026
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When your mortgage payment is too high |
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Hi there. Sometimes life happens, and what felt comfortable when you bought becomes tight. I want to remind you that you're not stuck with your current payment structure.
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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 to do if your mortgage payment feels tight
If your monthly payment is stretching your budget, you have more options than you might think. Some borrowers benefit from extending their loan term to lower the monthly amount, while others find that a refinance to a different loan program saves them real money each month. Even if rates haven't moved in your favor, other factors—like improved credit or a shorter time until your next rate reset—can open doors. The key is knowing what's actually available to you. I'd recommend a quick conversation to review your situation; sometimes a small change makes a big difference in your cash flow and peace of mind. Reach out and let's talk about what might work for your budget.
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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 Tarrell Stansberry team any time and we'll walk you through your options. |
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