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Thursday, September 17, 2026 |
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A Note From Tim Powers
A quick market update for my past clients and friends
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Mortgage Market Update
What a higher rate really means for your budget
We track rates and markets so you don't have to worry about them. This week, let's talk about what actually happens to your monthly costs when rates move.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
7.26%
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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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Monthly Budget
What changes when your mortgage payment goes up
If you've locked in a rate recently, you're in good shape—but I want to make sure you're ready if rates move higher. When rates climb, new borrowers face larger monthly payments on the same loan amount. If you're already a homeowner, this doesn't affect your payment directly, but it's worth understanding how it shapes the market around you. For anyone considering a purchase or refinance in the coming months, knowing how rate shifts translate to your actual budget helps you plan with confidence. It's not complicated math, but it's the kind of clarity that keeps surprises off your doorstep.
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Tip of the Week
Replace weatherstripping around exterior doors every few years. It's one of the cheapest ways to improve energy efficiency.
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Tips for Homeowners
USDA Loans: A Zero-Down Option for Rural Buyers
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USDA loans offer 100% financing (no down payment) for eligible properties in USDA-designated rural and suburban areas. The USDA's eligibility map may include areas closer to cities than you'd expect.
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2.
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USDA loans have income limits — typically 115% of the area median income. Both the property location and borrower income must qualify.
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3.
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There's an upfront guarantee fee (1% of the loan) and an annual fee (0.35% of the balance). These are lower than FHA mortgage insurance and can be rolled into the loan.
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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 Tim Powers team any time and we'll walk you through your options.
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16427 N Scottsdale Rd Ste 410, Scottsdale, AZ 85254
+1 253-209-4247
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