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Mortgage Market Update
Jim Hoggan
Jim Hoggan
Tuesday, October 20, 2026
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The loan term decision you shouldn't skip |
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One of the most overlooked choices borrowers make is how long to take to pay off the loan. Here's why it deserves your attention.
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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 or thinking about refinancing, the interest rate gets all the attention. But the length of your loan—whether it's 15 years, 20 years, or 30 years—shapes your finances in ways that are just as important. A longer term means lower monthly payments but more interest paid over time. A shorter term builds equity faster and costs less overall, but your payment each month is higher. There's no single "right" answer; it depends on your budget, your goals, and how long you plan to stay in the home. I'd be happy to walk through what different loan terms would look like for your situation so you can decide what works best for you. Let's talk about which loan term fits your goals.
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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 Jim Hoggan team any time and we'll walk you through your options. |
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