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Mortgage Market Update
My Mortgage Company
Scott John Millich
Thursday, September 17, 2026
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Rate moves: what it actually costs you |
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Rates are always moving, and so are the questions that come with them. This week I want to clear up one of the most misunderstood pieces: what a rate change really does to your payment.
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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 a rate change really means for your payment
When mortgage rates move, the impact on your monthly payment isn't always what people expect. A small shift in rate can change what you'd owe each month, but the relationship isn't one-to-one—it depends on your loan amount, term, and whether you're comparing a new purchase to a refinance. Understanding this helps you make clearer decisions about timing and whether a rate move affects you enough to act on it. The best way to know what a rate change means for your specific situation is to run real numbers with your actual loan details. That's where I come in. Let's talk through how current rates would work for your home and budget.
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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
Scott John Millich
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