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Mortgage Market Update
Jennifer Clemens
Clemens Mortgage Group, LLC
Saturday, October 3, 2026
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3 things hiding on your mortgage statement |
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A Note From Jennifer Clemens
Happy Friday! 😎
Mortgage rates saw some pressure this week as markets reacted to ongoing global tensions and economic uncertainty. This afternoon, bond markets sold off after the Trump/Xi summit wrapped up with little progress toward easing concerns overseas, pushing Treasury yields to their highest levels since May 2025.
Temporary rate buy-downs continue to be a hot topic and help buyer's ease into their mortgage payment. Seller concessions, rate buy downs, bridge loans and strategy conversations can make a huge difference.
Also - We can now offer VantageScore options on certain loan programs in addition to traditional FICO scoring. This could be a game changer for some buyers and may even help save deals that previously may not have qualified. 🙌
If you need help running numbers or navigating a tricky scenario, I’m always just a text away!
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A two-minute look at your statement can catch PMI you no longer need or a payment change before it surprises you.
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National Mortgage Rates · October 1, 2026
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Conventional 30-Year
7.37%
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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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Smart Moves
Three Things to Check on Your Mortgage Statement Today
Your monthly mortgage statement holds more useful information than most people realize, and a two-minute review can save you money. First, check your escrow balance — if your property taxes or insurance changed, your payment may adjust, and surprises are easier to handle when you see them coming. Second, look at your principal balance and compare it to your home's current value; if you've crossed below 80% loan-to-value, you may be able to drop private mortgage insurance and lower your payment. Third, confirm your interest rate and loan type so you know whether a refinance could help. None of these take long, and each one is a chance to keep more money where it belongs. If anything looks off or you're not sure, send it my way and I'll walk you through it.
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Tip of the Week
Consider a 15-year mortgage if the payment fits your budget — you'll pay significantly less in total interest.
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Tips for Homeowners
How Lenders Verify Your Income
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1.
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W-2 employees typically provide two years of W-2s and 30 days of pay stubs. Lenders average your income over 24 months and use that figure — not your current salary if it's recently increased.
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2.
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Bonus, overtime, and commission income must have a 2-year history to be counted. If it's new, most lenders won't include it in qualifying income.
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3.
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Bank statements are reviewed for large deposits. Anything unusual must be explained and sourced — lenders are required to document where your funds come from.
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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 Jennifer Clemens team any time and we'll walk you through your options. |
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602-214-9048 | https://clemensmortgagegroup.com/
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