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Mortgage Market Update
Erik Olson
Erik Olson
Tuesday, October 20, 2026
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Your mortgage payment has more moving parts than you think |
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One of the questions I hear most often is whether a mortgage payment ever changes. The short answer: yes, but not always for the reason people expect.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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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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Mortgage Basics
Why your payment might change even if rates don't
A lot of people think their mortgage payment is locked in stone for 30 years. The truth is a little more complicated. Property taxes, homeowners insurance, and mortgage insurance (if you're putting down less than 20%) can all shift over time, and when they do, your monthly payment can go up even if interest rates stay flat. It's not a surprise—it's just part of owning a home. Knowing this ahead of time helps you budget better and understand what you're really signing up for. If you're curious about what your actual payment breakdown looks like, or if changes are coming down the road, I'm happy to walk through it with you. Reach out if you'd like to review your loan details and understand where every part of your payment goes.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 Erik Olson team any time and we'll walk you through your options. |
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