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Mortgage Market Update
Russell Wakefield
Russell Wakefield
Thursday, September 3, 2026
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Picking the right loan type for your home |
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Hi there. This week I want to help you understand how different loan programs work and why the one you choose matters.
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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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Loan Programs
What your loan type means for your wallet
Not all mortgages work the same way, and the type you choose shapes your payments, flexibility, and total cost over time. Fixed-rate loans lock in one payment for the life of the loan—predictable and stable. Adjustable-rate mortgages start lower but can change, which matters if you're planning to move or refinance before rates climb. Other programs target specific situations: first-time buyers, veterans, rural borrowers, or those with less-than-perfect credit. The right choice depends on your timeline, risk comfort, and financial picture. I'm here to walk through which program fits your goals and what to expect when you move forward. Let's talk about which loan program makes the most sense for your situation.
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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 Russell Wakefield team any time and we'll walk you through your options. |
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