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Mortgage Market Update
Hema Konki
Hema Konki
Thursday, September 3, 2026
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When's the right time to lock your rate? |
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Timing a mortgage rate decision can feel like guessing. Here's what I actually tell my clients when they ask.
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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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Smart Money
When should you lock in your rate?
One question I hear often is timing—should you lock your rate today, or wait to see if rates move lower? The truth is, there's no crystal ball. What I can tell you is that locking protects you from rate increases while your loan is processing. If rates drop after you lock, many programs allow you to float down and capture a better rate before closing. The cost of waiting isn't always worth the hope of a small improvement. I recommend thinking about your comfort level: if a rate increase would stress your budget, locking sooner gives you peace of mind. If you're curious about your options, let's talk through what makes sense for your timeline. Reach out this week if you'd like to walk through when to lock—I'm here to help you feel confident about the timing.
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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 Hema Konki team any time and we'll walk you through your options. |
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