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Mortgage Market Update
My Mortgage Company
Charles Skinner — Charles Skinner
Wednesday, September 2, 2026
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Rate changes and your monthly payment |
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Hi there,
This week I want to clear up something I hear questions about often: how interest rates actually affect what you pay each 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
What happens to your mortgage when rates move
Interest rates and your monthly payment are closely tied together, but the relationship depends on your loan type. If you have a fixed-rate mortgage, your payment stays the same for the life of the loan — rate changes don't touch it. With an adjustable-rate loan, your payment can shift when the rate adjusts. Understanding which type you have, and what to expect down the road, helps you plan your household budget with confidence. Whether you're curious about what a rate environment means for your existing loan or you're exploring options before you buy, I'm here to walk you through it. Let's talk about what your loan structure means for your future — 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Charles Skinner — Charles Skinner
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