|
Mortgage Market Update
James Brian McFarlane
James Brian McFarlane
Thursday, October 22, 2026
|
Fixed rate vs. adjustable: what's the difference? |
|
Mortgage rates move constantly. But how does that actually change what happens to your monthly payment? That depends on a choice you make at the start.
|
|
National Mortgage Rates · October 20, 2026
|
Conventional 30-Year
7.33%
|
|
| |
|
%22%2C%22fill%22%3Atrue%2C%22tension%22%3A0.4%2C%22pointRadius%22%3A4%2C%22pointBackgroundColor%22%3A%22%233b5bdb%22%2C%22borderWidth%22%3A2%7D%5D%7D%2C%22options%22%3A%7B%22plugins%22%3A%7B%22legend%22%3A%7B%22display%22%3Afalse%7D%7D%2C%22scales%22%3A%7B%22y%22%3A%7B%22ticks%22%3A%7B%22callback%22%3A%22function(v)%7Breturn%20v%2B%5C%22%25%5C%22%7D%22%2C%22color%22%3A%22%23666%22%7D%2C%22grid%22%3A%7B%22color%22%3A%22rgba(0%2C0%2C0%2C0.06)%22%7D%7D%2C%22x%22%3A%7B%22grid%22%3A%7B%22display%22%3Afalse%7D%2C%22ticks%22%3A%7B%22font%22%3A%7B%22size%22%3A11%7D%2C%22color%22%3A%22%23666%22%7D%7D%7D%7D%7D&w=520&h=180&bkg=white&f=12) |
|
Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates 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.
|
|
|
|
Payment Planning
When your rate moves, your payment follows
One question I hear often: if rates go up or down, does my payment change? The answer depends on what kind of loan you have. With a fixed-rate mortgage, your payment stays the same for the entire loan term—rate changes in the market don't touch it. With an adjustable-rate loan, your payment can shift when the rate adjusts, which is why understanding your loan type matters. Even if you're locked into a fixed rate today, knowing how rate movements affect borrowing power and home affordability helps you make smarter decisions down the road. Whether you're buying soon or thinking ahead, I'm here to walk you through what these scenarios look like for your situation. Let's talk about which loan type makes sense for you.
|
|
Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
|
|
Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
|
|
1.
|
A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
|
|
2.
|
Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
|
|
3.
|
If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
|
|
|
Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the James Brian McFarlane team any time and we'll walk you through your options. |
|
|
You are receiving this from James Brian McFarlane. Unsubscribe
|