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Mortgage Market Update
Scott McNeilly
Scott McNeilly
Thursday, September 3, 2026
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What actually moves your monthly payment |
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Hi there — I wanted to share something I see catch borrowers off guard.
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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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Home Affordability
Your payment matters more than the rate
I talk to borrowers every week who focus entirely on interest rates, but here's what I've learned: the rate is just one piece of the puzzle. What really affects your life is the monthly payment — and that depends on the rate, the loan amount, the term, and your down payment all working together. Two people with the same rate can have very different payments, and two people with different rates might pay nearly the same thing each month. If you're shopping for a home or thinking about your current mortgage, it's worth looking at the full picture. I'm happy to walk through what different scenarios might look like for you. Let's talk through what a realistic payment range might be 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 Scott McNeilly team any time and we'll walk you through your options. |
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