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Mortgage Market Update
My Mortgage Company
Austen Smith
Wednesday, September 16, 2026
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How rates affect your monthly payment |
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Hi there. I want to break down something straightforward but important that affects every mortgage borrower.
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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 change
I hear this question often: if rates go up or down, does my payment change? The answer depends on what kind of loan you have. If you have a fixed-rate mortgage, your payment stays the same for the life of the loan—that's the security of "fixed." But if you're considering an adjustable-rate loan, or wondering whether to lock in a rate now, it helps to understand how rate movements affect what you actually pay each month. The relationship is direct: when rates rise, your monthly payment rises; when rates fall, your payment falls. That's why the timing of when you lock a rate matters, and why some borrowers refinance when conditions shift. Understanding this relationship gives you real control over your housing costs. I'm happy to walk you through how rate changes would affect your specific 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
Austen Smith
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