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Thursday, September 3, 2026 |
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Mortgage Market Update
Picking the right loan type for you
Hi there. This week I want to tackle a question I hear often: which type of mortgage should I actually choose?
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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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Loan Programs
Which loan type is right for your situation?
Not all mortgages are created equal, and the right loan for your neighbor might not be the right one for you. Some borrowers do well with fixed-rate loans that lock in certainty for 15 or 30 years. Others benefit from adjustable-rate options or specialized programs designed for specific situations—whether that's a smaller down payment, a jumbo purchase, or a investment property. The choice depends on your timeline, how long you plan to stay in the home, and your comfort with different payment structures. I'd love to walk you through the options that actually fit your goals, not just the standard template. Let's talk about which loan program makes sense for where you are 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 Lee Simanoff team any time and we'll walk you through your options.
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125 B King Street
9044468533
NMLS# 817440 · Company NMLS# 376205
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