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Mortgage Market Update
My Mortgage Company
Errol Fenty — Errol Fenty
Wednesday, September 2, 2026
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Picking the right loan type for you |
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Hi there. This week I want to cover something that often gets overlooked—but shouldn't.
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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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Mortgage Basics
Why your loan type matters more than you think
When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the type of loan you choose—fixed-rate, adjustable-rate, FHA, conventional, or another program—shapes your entire borrowing experience. Each has different rules about down payments, who qualifies, how your rate works, and what flexibility you have down the road. The right loan for someone buying their first home might be completely wrong for someone with significant equity looking to refinance. I work with borrowers every week who realize their loan type doesn't match their actual situation or goals. Understanding your options upfront saves stress and money later. I'd love to walk you through what's available for your specific circumstances. Let's talk about which loan program makes the most sense for where you are right now.
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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
Errol Fenty — Errol Fenty
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