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Mortgage Market Update
Jessica Firmiano
Jessica Firmiano
Wednesday, September 16, 2026
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Your mortgage payment and interest rates |
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Hi there. This week I want to clear up a common question I hear from borrowers: what actually happens to your payment when market rates move?
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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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Payment Planning
What happens to your payment when rates move
A lot of people wonder whether a rate change affects their monthly mortgage payment—and the answer depends on what kind of loan you have. If you have a fixed-rate mortgage, your payment stays locked in for the entire life of the loan, no matter which way rates go in the market. That's one of the biggest advantages of a fixed rate: predictability. With an adjustable-rate loan, though, your payment can change when the rate adjusts, which is why it's so important to understand the terms upfront. Either way, knowing how your specific loan works means no surprises down the road.
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Tip of the Week
Gift funds from family can be used toward a down payment on most loan types — your lender will need a simple gift letter.
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Tips for Homeowners
VA Loans: Benefits Every Veteran Should Know
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1.
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VA loans require no down payment and no private mortgage insurance (PMI), making them one of the most powerful home-buying tools available to eligible veterans, active-duty service members, and surviving spouses.
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VA loans do require a funding fee (typically 1.25%–3.3% of the loan amount), which can be rolled into the loan. Veterans with a service-connected disability rating may be exempt from this fee.
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There's no VA loan limit for eligible borrowers with full entitlement — you can finance as much as a lender will approve. If you've had a prior VA loan, partial entitlement rules may apply.
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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 Jessica Firmiano team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
(908) 656-3886 | https://petracephasinc.theradcrm.com/
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