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Mortgage Market Update
My Mortgage Company
Kimberly Silverman
Tuesday, October 20, 2026
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Loan term: what you should know |
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Hi there. This week I want to cover something that doesn't always get the spotlight, but absolutely should.
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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 is just as important to understand. 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. The right choice depends on your budget, your timeline, and how long you plan to stay in your home. There's no universal "best" answer, which is why it's worth having a real conversation about what fits your situation. I'm here to walk through the trade-offs with you so you can make the choice that actually works for your life. If you'd like to talk through what term makes sense for you, I'd be happy to help.
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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
Kimberly Silverman
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