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Mortgage Market Update
My Mortgage Company
Alexei Pepple
Thursday, September 3, 2026
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What your rate actually locks in |
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Hi there. I wanted to share something I hear about a lot: confusion around how mortgage rates work once you're locked in.
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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
What happens to your mortgage when rates drop
A lot of homeowners ask me whether they're locked in to their current rate for life. The short answer: it depends on your loan type. If you have a fixed-rate mortgage, your rate stays the same no matter what happens in the market—that's the whole point of 'fixed.' But if rates fall significantly, you have the option to refinance into a new loan at that lower rate. It's not automatic; it's a choice you make. Some people refinance and save money on monthly payments. Others refinance to pull out equity or shorten their loan term. The key is understanding what options exist and running the numbers when the timing feels right. If you're curious whether a refinance makes sense for your situation, I'd be happy to walk through the details with you. Give me a call or send a note if you'd like to talk through your options.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Alexei Pepple
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