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Mortgage Market Update
My Mortgage Company
Matt Denig
Tuesday, October 20, 2026
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Longer or shorter loan term—which fits you? |
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One of the biggest decisions you'll make isn't always obvious. Here's what you need to know about loan terms and how they affect your monthly payment and long-term costs.
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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 loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention—but your loan term (how many years you have to repay) shapes your finances just as much. A longer term means smaller monthly payments but more interest paid over the life of the loan. A shorter term costs more each month but builds equity faster and saves you money overall. There's no one right answer; it depends on your budget, your timeline, and what matters most to you right now. The key is understanding the trade-off so you can make a choice that actually fits your life, not just one that looks good on paper. Let's talk about which term makes the most sense for your situation.
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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
Matt Denig
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