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Mortgage Market Update
Jody Canfield
Jody Canfield
Wednesday, September 2, 2026
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Don't forget about these home costs |
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Hi there. This week I want to talk about something that catches a lot of first-time homebuyers off guard: all the expenses that come with buying a home beyond just the mortgage itself.
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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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First-Time Buyer
The hidden costs nobody tells you about
When you're shopping for a home, the price tag is just the beginning. Beyond your down payment and monthly mortgage, there are closing costs, property taxes, homeowners insurance, and maintenance reserves to think about. Many first-time buyers are surprised by how these add up—and how they affect what you can actually afford. The good news is that understanding these costs upfront helps you plan better and avoid stretching too thin. I help borrowers see the full picture so they can buy with confidence and stay comfortable in their new home for years to come. Let's walk through what your true costs might look like—reach out and we'll talk through it together.
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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 Jody Canfield team any time and we'll walk you through your options. |
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