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Mortgage Market Update
David Smith
David Smith
Tuesday, October 20, 2026
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Why rates matter to your monthly payment |
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Hi there. This week I want to walk you through something fundamental that affects every mortgage decision.
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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
What happens to your payment when rates move
A lot of people ask me how interest rates actually affect their monthly mortgage payment—and it's worth understanding clearly. When rates go up, your payment goes up too, because you're paying more interest each month. When rates drop, the opposite happens. The rate you lock in at closing is the one that determines your payment for the life of your loan. That's why timing matters, but it's also why having a solid rate locked in gives you peace of mind. If you're thinking about buying or refinancing, it helps to talk through what a rate move might mean for your specific situation. Let's talk about what rates mean for your goals—reach out anytime.
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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 David Smith team any time and we'll walk you through your options. |
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