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Mortgage Market Update
My Mortgage Company
Jeffrey Diaz
Thursday, September 17, 2026
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Getting preapproved: what it actually does |
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Every borrower's situation is different, but some fundamentals apply to almost everyone. This week, I'm covering something that comes up constantly with buyers—and it's worth understanding before you start your search.
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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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Buyer Strategy
Why getting preapproved matters more than you think
A preapproval isn't just a piece of paper—it's your actual buying power in writing. When you're out looking at homes, sellers and agents take you seriously because they know your finances have been reviewed and a lender has confirmed you can borrow. That confidence matters in a competitive offer situation. Beyond that, preapproval gives you clarity on what you can truly afford, which keeps you from falling in love with a home outside your budget. It also locks in your rate for a set period, so you're not guessing about what your payments will be. If you're thinking about buying soon or just want to understand where you stand, a preapproval conversation is worth your time. If you'd like to explore preapproval or talk through the process, I'm here to walk you through it.
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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
Jeffrey Diaz
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