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Mortgage Market Update
Samuel Ham
Samuel Ham
Monday, October 26, 2026
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Fixed rate means your payment won't budge |
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Hi there. This week I'm answering a question I hear often about how rate changes actually work.
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National Mortgage Rates · October 23, 2026
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Conventional 30-Year
7.23%
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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.
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Rate Movement
What happens to your payment when rates shift
A lot of people ask me: if rates go up or down, does my payment change automatically? The answer depends on what type of loan you have. If you're locked into a fixed-rate mortgage, your payment stays the same for the life of the loan—that's the security of a fixed rate. But if rates have moved since you locked in, it affects what a new borrower would pay, and it changes what your home's value means in terms of refinancing options. Understanding this difference helps you make smarter decisions about whether a rate move is worth acting on. Reach out if you'd like to talk through how current rates might affect your situation. Let me know if you want to discuss how today's rates compare to your current loan.
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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.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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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.
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2.
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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.
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3.
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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.
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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 Samuel Ham team any time and we'll walk you through your options. |
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