I Know, I Know, I’ve Said This Before
Boring Mortgage News
Be Prepared
Yes, that’s the Boy Scout Motto, but it’s also a sentiment for those of you jumping into the homebuying market. If you’ve talked to me at all, you’ve heard about this. If you read my newsletters, I talk about this a few times a year, but here it is again: how to get ready for a new mortgage payment (or a new anything payment).
So imagine for a moment that your rent is $1,000. You and I talk about buying that first home, and that payment is going to be DOUBLE what you’re currently paying. Fret not, let’s see how it feels.
Every month, when you pay your rent of $1,000, put another $1,000 into savings.
Is that too much? Well, let’s look at a smaller house.
Feels just right? SWEET!
So as you’re shocking your checking account with this new payment, you’re feeding your savings account, and then all of the sudden BLAMO more money for buying fun things like a couch or finally getting that faux bear skin rug your partner has said, “Why would we waste money on that?”
Also, not buying a house? COOL I’m not either, but I am going to need to buy a car because I hate my wife’s old Kia with the heat of 1,000 suns. So instead of stressing about a new car payment, I’m putting back what I’m expecting to pay. Also, getting a little fancy and working with my investment advisor to have that money grow.
Less Boring Mortgage News
As I found myself legitimately staring at a black bear…y’all. I’m not playing. The Boy and I were in the mountains and drove up on a black bear, and we locked eyes, and both thought “What are you doing here?”, I noticed the average for the 30-year fixed rate flattened out in the high 6% range.
Keep in mind that this is a national average, and can change a bunch based on down payment, credit, property type, occupancy type, and program type. If you want to dive deeper, holler at me.
Source: HousingWire & Mortgage News Daily. This is not a commitment to lend and does not guarantee the availability of any particular product or interest rate. Rates/terms illustrated may not be available through BankSouth Mortgage.
Blog post date: June 8, 2026
