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Mortgage Market Update
My Mortgage Company
Sean Price — Sean Price Lending Group
Tuesday, October 20, 2026
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Longer or shorter loan—what's the real difference? |
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There's more to picking a mortgage than just the rate. Today I want to talk about something that quietly shapes your entire loan: how long you have to pay it back.
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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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Loan 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 the length of your loan—15 years, 20 years, 30 years—shapes your entire financial picture just as much. A longer term means a smaller monthly payment, which helps with cash flow and qualifying. A shorter term means you build equity faster and pay less interest overall. The right choice depends on your income, your plans for the home, and what monthly payment actually fits your life. There's no universal "best" answer, which is exactly why it's worth a conversation. I'd love to walk through what different terms would look like for your situation. Let's talk through what loan term makes sense for you.
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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
Sean Price — Sean Price Lending Group
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