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Mortgage Market Update
My Mortgage Company
Michael Farrell
Thursday, September 17, 2026
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When rates move, your payment moves too |
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Money moves fast in the mortgage world, and one of the biggest questions borrowers ask is how rate changes affect their bottom line. Here's what you should know.
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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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Payment Planning
What happens to your mortgage payment when rates change
When interest rates move, it affects different borrowers in different ways depending on their situation. If you have a fixed-rate mortgage, your payment stays the same for the life of the loan — rate changes don't touch it. But if you're shopping for a new mortgage or considering a refinance, rate movement directly impacts what you'd pay each month. The higher rates go, the more your monthly payment increases for the same loan amount. Understanding this relationship helps you plan ahead and make decisions that fit your budget. I'm here to walk through the numbers with you and show you how different rate scenarios might affect your specific situation. Let's talk about what your payment might look like — reach out anytime.
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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
Michael Farrell
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