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Mortgage Market Update
Thomas Harris
Thomas Harris
Thursday, September 3, 2026
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One thing that almost derailed my closing |
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Most borrowers know credit matters when they apply for a mortgage. But there's a step in the middle that catches people 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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Smart Money Habits
Why your loan officer checks your credit before closing
Here's something that surprises a lot of borrowers: we pull your credit report again near the end of the loan process, not just at the start. That's because lenders need to make sure nothing changed between application and closing—new credit cards, missed payments, or a sudden debt spike can affect your loan approval and rate. It sounds strict, but it protects you too. If we spot an issue early, we have time to work through it or adjust your terms. The best move: avoid opening new accounts, making large purchases on credit, or missing payments during your mortgage timeline. Small habits now can mean smoother closing and better terms. If you're in process or thinking about buying, let's talk about what to watch for.
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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 Thomas Harris team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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Thomas Harris
Thomas Harris
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