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Mortgage Market Update
Patrick Tahmazyan
Phast Funding
Tuesday, October 20, 2026
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What a raise means for your mortgage |
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When life changes, your finances might be stronger than you think. Here's how income affects what you can borrow.
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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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Affordability Check
Your income just went up. Does that change your borrowing power?
A raise or job change is great news—and it can open doors you didn't have before. When your income increases, lenders see you as able to handle a larger loan, which might mean you can afford a home you couldn't reach last year, or refinance into better terms on what you already own. The tricky part is knowing how much that income bump actually translates to in borrowing power. Different loan programs count income differently, and what counts as "verifiable" income matters a lot. If you've had a recent change in earnings, it's worth a conversation. I can walk through what your new situation looks like and whether it opens up options you should know about. If your income has changed, let's talk about what that means for your home financing.
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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 Patrick Tahmazyan team any time and we'll walk you through your options. |
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