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Mortgage Market Update
Kevin Burrus
Kevin Burrus
Thursday, September 3, 2026
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Your monthly payment—what really matters |
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Everyone wants the lowest rate. But here's what actually shapes your budget 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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Affordability & Payments
Why your monthly payment matters more than the rate
I talk to a lot of borrowers who focus entirely on interest rates—and I get it, rates are important. But here's what I've learned: what really moves the needle on your budget is your actual monthly payment. Two loans with similar rates can feel completely different depending on the loan term, down payment, and loan program you choose. A longer loan term lowers your monthly payment but costs you more in interest over time. A larger down payment reduces what you borrow and can improve your rate, but it takes longer to save. There's no one-size-fits-all answer, which is why I always recommend looking at the full picture—not just the rate. Let's talk about what payment works for your situation. Give me a call or send me a message, and we can run some real numbers based on your goals.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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 Kevin Burrus team any time and we'll walk you through your options. |
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