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Mortgage Market Update
Jody Canfield
Jody Canfield
Thursday, August 20, 2026
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What your payment really depends on |
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Hi there — this week I want to clear up a common question about how mortgage rates and payments connect. It's simpler than you might think.
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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
What happens to your payment when rates move
A lot of people ask me what they should expect if rates go up or down. The simple answer: your monthly payment moves with the rate on a fixed mortgage. When rates climb, your payment climbs. When rates fall, your payment falls — which is why refinancing makes sense for some borrowers at the right time. But here's what matters most: understanding your own situation. If you're thinking about a purchase or wondering whether your current loan still fits your budget, that's exactly what I'm here to help you figure out. Rates change, life changes, and your mortgage should work for you, not against you. Get in touch and we'll talk through what rate movement means for your specific situation.
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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 Jody Canfield team any time and we'll walk you through your options. |
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