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Mortgage Market Update
Scott McNeilly
Scott McNeilly
Tuesday, October 20, 2026
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Rate and term: what you need to know |
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Every borrower's circumstances are different, and there's no one-size-fits-all mortgage. This week I want to walk you through how two key pieces of your loan work together.
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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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Loan Basics
Why your interest rate and loan term work together
A lot of people focus only on their interest rate when they're shopping for a mortgage, but the truth is your rate and your loan term are a team. They both shape your monthly payment, how much interest you'll pay over the life of the loan, and how quickly you build equity. Understanding how they work together helps you make a smarter choice about what loan actually fits your situation—not just which number looks smallest on paper. If you'd like to talk through what term and rate combination makes sense for you, I'm here to help you sort it out. Reach out if you'd like to explore what works best 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 Scott McNeilly team any time and we'll walk you through your options. |
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