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Mortgage Market Update
Jay Richardson
Jay Richardson
Thursday, August 20, 2026
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Your mortgage payment: what you should know |
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There's a lot of moving parts to a home loan. This week, I want to clear up something that catches a lot of homeowners off guard.
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National Mortgage Rates · August 13, 2026
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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
Why your monthly payment might change even if rates don't
Most people think their mortgage payment is locked in forever, but there are a few reasons it can shift over time. Property taxes and homeowners insurance — both part of your monthly bill — tend to increase. If you have an adjustable-rate mortgage, the rate itself can adjust after the initial fixed period. Even on a fixed-rate loan, if your escrow account (which holds funds for taxes and insurance) runs short, your lender may raise your payment to catch up. Understanding these moving parts helps you budget better and spot surprises before they arrive. If you'd like to review your loan and talk through what to expect down the road, I'm here to walk you through it. Reach out anytime — I'm happy to explain your specific loan and what might change.
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Tip of the Week
If your credit score is below 740, even small improvements before applying for a mortgage can save you thousands over the life of the loan.
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Tips for Homeowners
Weatherproofing Your Home Before Winter
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1.
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Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.
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2.
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Check attic insulation and ventilation before winter. Inadequate insulation leads to heat loss, higher energy bills, and ice dams on the roof that can cause significant damage.
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3.
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Inspect weatherstripping on all exterior doors. A simple dollar-bill test works: close the door on a bill — if you can pull it out easily, your weatherstripping needs replacing.
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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 Jay Richardson team any time and we'll walk you through your options. |
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