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Mortgage Market Update
My Mortgage Company
Julie Gallegos
Wednesday, September 16, 2026
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Rate drop: does it help your payment? |
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Hi there. This week I want to clear up something I hear a lot—confusion about how interest rates actually affect what you pay each month.
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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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Mortgage Basics
What happens to your payment when rates drop
A lot of people ask me whether they should wait for rates to fall before buying or refinancing. Here's the thing: if you're already a homeowner with a fixed-rate loan, a rate drop doesn't change your payment at all—unless you refinance. Your rate is locked in for the life of your loan. But if you're shopping to buy or considering a refinance, lower rates do mean lower monthly payments on a new loan. The catch is that rates move for reasons beyond anyone's control, and timing the market is nearly impossible. What matters most is finding a loan that works for your situation today, not betting on what might happen tomorrow. If you've been sitting on the sidelines waiting for the perfect moment, let's talk about where you actually stand right now. I'd love to run some numbers and show you what's realistic for your situation.
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Tip of the Week
Gift funds from family can be used toward a down payment on most loan types — your lender will need a simple gift letter.
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Tips for Homeowners
VA Loans: Benefits Every Veteran Should Know
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1.
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VA loans require no down payment and no private mortgage insurance (PMI), making them one of the most powerful home-buying tools available to eligible veterans, active-duty service members, and surviving spouses.
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2.
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VA loans do require a funding fee (typically 1.25%–3.3% of the loan amount), which can be rolled into the loan. Veterans with a service-connected disability rating may be exempt from this fee.
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3.
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There's no VA loan limit for eligible borrowers with full entitlement — you can finance as much as a lender will approve. If you've had a prior VA loan, partial entitlement rules may apply.
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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
Julie Gallegos
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