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Mortgage Market Update
Rafael Santos
Rafael Santos
Thursday, September 3, 2026
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Loan term: what it actually costs you |
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Hi there—this week I want to talk about a choice that affects your entire loan, but doesn't always get enough attention.
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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
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention—but your loan term (15 years, 30 years, or somewhere in between) shapes your entire borrowing life. A shorter term means higher monthly payments but you build equity faster and pay far less interest over time. A longer term lowers your payment, which can free up cash for other goals or help you qualify for a larger loan. There's no universal "right" answer; it depends on your income, timeline, and what else you want your money to do. The good news is we can run the numbers on different scenarios so you see the real trade-offs before you decide. Let's talk through what term makes 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 Rafael Santos team any time and we'll walk you through your options. |
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