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Wednesday, September 2, 2026 |
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Mortgage Market Update
When rates move, here's what changes
Hi there. This week I want to walk you through something I explain often—how rate swings affect your actual payment.
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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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Rate Movement
What happens to your payment when rates shift
Mortgage rates move constantly, and I know that can feel unsettling if you're thinking about buying or refinancing soon. Here's what actually matters: when rates go up, your monthly payment goes up on a new loan (or refinance). When rates come down, your payment comes down. The size of that swing depends on how much the rate moves and how much you're borrowing. If you're already locked in on a mortgage, your payment stays the same—rate changes don't touch it. But if you're shopping or considering a refinance, it's worth understanding how even a small rate movement can shift what you're comfortable paying each month. That's why timing and strategy matter.
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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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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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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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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 Jake Kornberg team any time and we'll walk you through your options.
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5060 Baker Rd Minnetonka, MN. 55345
612-396-0227
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