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Wednesday, September 16, 2026 |
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A Note From Tim Powers
A quick market update for my past clients and friends
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Mortgage Market Update
What a higher rate really means for your budget
We track rates and markets so you don't have to worry about them. This week, let's talk about what actually happens to your monthly costs when rates move.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
7.26%
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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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Monthly Budget
What changes when your mortgage payment goes up
If you've locked in a rate recently, you're in good shape—but I want to make sure you're ready if rates move higher. When rates climb, new borrowers face larger monthly payments on the same loan amount. If you're already a homeowner, this doesn't affect your payment directly, but it's worth understanding how it shapes the market around you. For anyone considering a purchase or refinance in the coming months, knowing how rate shifts translate to your actual budget helps you plan with confidence. It's not complicated math, but it's the kind of clarity that keeps surprises off your doorstep.
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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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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 Tim Powers team any time and we'll walk you through your options.
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16427 N Scottsdale Rd Ste 410, Scottsdale, AZ 85254
+1 253-209-4247
Tim Powers · Unsubscribe
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