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Mortgage Market Update
My Mortgage Company
Sean Price — Sean Price Lending Group
Tuesday, October 20, 2026
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Loan term: how it shapes your monthly payment |
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One of the most important decisions in a mortgage happens before you even get an offer accepted. Let's talk about loan terms and why they matter.
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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
What your loan term really means for your budget
When you're shopping for a mortgage, the loan term—how long you have to repay it—shapes your entire financial picture. A shorter term means higher monthly payments but less interest paid overall. A longer term spreads payments out, which can feel easier month-to-month but costs more in the long run. The right choice depends on your income stability, other debt, and what you want your money to do. There's no universal winner; it's about what fits your life now and your goals later. If you're unsure which term makes sense for your situation, I'd love to walk through the tradeoffs with you. Let's talk about which loan term works best 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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