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Saturday, September 12, 2026 |
Mortgage Market Update
Closing costs: what's actually in that number
Understanding your true cost to buy or refinance goes beyond rate and down payment. This week, I'm breaking down closing costs and what you can do about them.
National Mortgage Rates · September 10, 2026 |
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Conventional 30-Year
6.76% 30-day Range: 6.65%–6.76%
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Conventional 15-Year
6.09% 30-day Range: 5.95%–6.09%
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FHA 30-Year
6.67% 30-day Range: 6.42%–6.67%
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VA 30-Year
6.46% 30-day Range: 6.27%–6.48%
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Source: Freddie Mac PMMS & Optimal Blue via FRED |
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Closing Costs
What you actually pay to get the keys
Closing costs often surprise borrowers because they're separate from your down payment and monthly payment. They cover things like appraisals, title insurance, inspections, and lender fees — and they add up. The good news: you have options. Some costs are negotiable, and depending on your situation, you might be able to roll certain fees into your loan or ask the seller to contribute. Understanding what's on your closing disclosure before you sign means no surprises at the table. I always walk my clients through these line by line so they know exactly where every dollar goes. If you're curious about what your closing costs might look like, or want to find ways to minimize them, let's talk.
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Tip of the Week
Gift funds from family can be used toward a down payment on most loan types — your lender will need a simple gift letter.
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Tips for Homeowners
VA Loans: Benefits Every Veteran Should Know
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1.
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VA loans require no down payment and no private mortgage insurance (PMI), making them one of the most powerful home-buying tools available to eligible veterans, active-duty service members, and surviving spouses.
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2.
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VA loans do require a funding fee (typically 1.25%–3.3% of the loan amount), which can be rolled into the loan. Veterans with a service-connected disability rating may be exempt from this fee.
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There's no VA loan limit for eligible borrowers with full entitlement — you can finance as much as a lender will approve. If you've had a prior VA loan, partial entitlement rules may apply.
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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 James J Tyrrell III team any time and we'll walk you through your options.
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