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Mortgage Market Update
My Mortgage Company
Ann Richardson
Thursday, September 17, 2026
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Locking in your rate—what you need to know |
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Homebuyers and owners often wonder whether they should wait for rates to drop or move forward now. Let's clear that up.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
6.76%
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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 Timing
When to lock in your rate
One question I hear often is whether someone should wait to see if rates drop, or lock in today. The honest answer: nobody can predict rates with certainty, but you can control when you act. Locking a rate gives you protection—your rate is yours for a set period, even if rates move higher before closing. The trade-off is that if rates fall, you're committed to your lock (though some loan programs do allow adjustments). The real question isn't whether rates will be perfect tomorrow; it's whether the rate and payment you can afford today make sense for your situation. If they do, locking removes uncertainty and lets you move forward with confidence. I'm happy to walk through your options and help you understand what a lock means for your timeline. Let's talk through the rate environment and what makes sense for your next move.
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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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1.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Ann Richardson
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