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Mortgage Market Update
Ryan Spencer
Ryan Spencer
Thursday, September 3, 2026
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When rates drop, what actually changes |
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Hi there. Markets move, and so do mortgage rates. Here's what you need to know about how that affects you.
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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 payment when rates drop
A lot of people assume that if rates fall, their monthly payment automatically goes down. That's only true if you refinance—which means applying for a new loan to replace your existing one. If you keep your current mortgage, your payment stays the same. The good news: when rates drop, refinancing can be a real opportunity to lower that payment or shorten your loan term without paying much more each month. The catch is that refinancing has costs, so it only makes sense if you plan to stay in your home long enough to recoup them. I'm happy to run the numbers with you and show what a rate change might actually mean for your situation. Let's talk about whether refinancing makes sense for you right now.
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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 Ryan Spencer team any time and we'll walk you through your options. |
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