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Mortgage Market Update
My Mortgage Company
Whit Bates
Tuesday, October 20, 2026
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Your interest rate and what it really costs |
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We talk about rates a lot in my business—and for good reason. But I've noticed many homeowners don't fully understand why their rate matters beyond the monthly number they see.
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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 interest rate matters more than you think
Your interest rate does more than determine your monthly payment—it shapes the total cost of your home over time and affects how much of each payment goes toward actually building equity. Small changes in rates can mean significant differences in what you pay over the life of your loan. Understanding this helps you make smarter decisions about when to lock in a rate, whether refinancing makes sense for your situation, or how to prioritize paying down your balance. If you're curious about what your rate means for your specific loan, I'm here to walk you through it. Let me show you exactly how your rate impacts your overall mortgage picture.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Whit Bates
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