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Mortgage Market Update
Evan Karr
Evan Karr
Thursday, August 20, 2026
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Does your mortgage payment ever change? |
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Mortgage rates move regularly, and I know that can feel confusing. This week I'm breaking down one question I hear a lot.
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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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Smart Money
What happens to your payment when rates change
I get asked this often: if rates go up or down, does my payment change automatically? The answer depends on your loan type. With a fixed-rate mortgage, your payment stays the same for the life of the loan—rate movements don't touch it. If you have an adjustable-rate mortgage, though, your payment can shift when the rate adjusts, usually after an initial fixed period. Understanding which loan you have is key to planning your budget. Even if your own payment is locked in, rate changes affect the broader market and can influence refinancing opportunities down the road. Want clarity on your specific situation? I'm here to walk you through it. Give me a call or send a message if you'd like to review your loan details.
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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 Evan Karr team any time and we'll walk you through your options. |
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