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Mortgage Market Update
My Mortgage Company
Jason Inmon
Tuesday, October 20, 2026
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Does your payment actually change with rates? |
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Hi there. This week I want to clear up something that confuses a lot of homeowners—the connection between interest rates and the money you actually pay each month.
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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
One question I hear often: if rates go up or down, does my payment change? The answer depends on what kind of mortgage you have. If you're locked into a fixed-rate loan, your payment stays the same for the life of the loan—that's the security of a fixed rate. But if you're considering a new purchase or refinance, a rate change will absolutely affect what your new payment would be. Understanding this difference helps you make smarter decisions about timing and the type of loan that fits your situation. It's also why staying informed about rate movement matters, even if your current payment is locked in. Let's talk about what rate changes mean for your specific 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Jason Inmon
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