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Mortgage Market Update
J. Aaron Kapp
John Hudson
Tuesday, October 20, 2026
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Why your payment stays (or changes) |
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One of the most common questions I hear is about how rates affect monthly payments. Let me clear that up this week.
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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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Payment Planning
What happens to your payment when rates move
A lot of people ask me how interest rate changes affect their monthly mortgage payment—and the answer matters whether you're shopping for a loan or thinking about your current one. When rates rise, your payment goes up on a new loan. When rates fall, a new loan costs less per month. But here's what confuses people: your existing mortgage payment stays the same unless you refinance. That's actually good news for stability, but it also means if rates have dropped since you locked in your loan, you might be paying more each month than you'd need to. The reverse is true too—if rates have climbed, you're in a better position than new borrowers. Understanding this helps you make smarter decisions about whether refinancing makes sense for your situation. If you'd like to talk through what rate movements mean for your specific loan, I'm here to walk you through it.
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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 J. Aaron Kapp team any time and we'll walk you through your options. |
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