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Mortgage Market Update
Kenna Siders
Kenna Siders
Tuesday, October 20, 2026
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The choice between 15 and 30 years |
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Hi there. This week I want to walk you through one of the most important decisions in your mortgage—and one that's easy to overlook.
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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 (how many years you have to pay it back) shapes your finances just as much. A longer term means lower monthly payments but more interest paid over time. A shorter term builds equity faster and costs less overall, but the payment is higher. Neither is automatically right; it depends on your budget, your timeline, and what matters most to you right now. I've worked with borrowers who thrived on a 15-year plan and others who needed the breathing room a 30-year loan provided. The key is understanding the trade-off so you choose deliberately, not by accident. Let's talk through what term makes sense 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 Kenna Siders team any time and we'll walk you through your options. |
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