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Mortgage Market Update
Rad Mortgage
Rad Mortgage - Personal Account
Thursday, September 3, 2026
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What a rate drop means for your payment |
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A Note From Rad Mortgage
This week we were able to help a family move into their first home and got them cleared to close in under 10 days! We are grateful for any referrals and would love to provide this experience for any of your family and friends!
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Rates move constantly, and when they do, your options change. Here's what you need to know if rates have fallen since you bought or last refinanced.
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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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Mortgage Basics
What happens to your payment when rates drop
When interest rates fall, homeowners with fixed-rate mortgages don't automatically benefit—your current payment stays the same. But a rate drop creates an opportunity: you can refinance to a new loan at the lower rate, which typically means a smaller monthly payment, or you can keep your payment the same and pay off your home faster. Either way, it's worth a conversation if rates have moved meaningfully lower since you closed. The math works differently for everyone depending on how long you plan to stay in your home, but the opportunity is real when the market shifts in your favor.
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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 Rad Mortgage team any time and we'll walk you through your options. |
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4802720845 | radcliffemortgageteam.com
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