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Mortgage Market Update
Jonathan Lee
Jonathan Lee
Wednesday, September 2, 2026
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What a rate drop could mean for you |
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Hi there. Markets move, rates shift, and I want to make sure you know what it means for your mortgage.
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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
What happens to your payment when rates drop
If you've got a fixed-rate mortgage, your monthly payment is locked in—rate changes don't touch it. But if rates fall, that's when refinancing can matter. A lower rate means you could pay less per month, shorten your loan term, or build equity faster without changing what you pay. The catch is that refinancing has costs, so the math only works if you're staying in the home long enough to recoup them. That's where a simple conversation comes in handy. I can walk you through whether a refinance pencils out for your situation, or if waiting makes more sense. Let's talk about whether a rate move affects your next step.
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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 Jonathan Lee team any time and we'll walk you through your options. |
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