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Mortgage Market Update
My Mortgage Company
Daniel Skagen | Barrett Financial Group
Tuesday, October 20, 2026
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Your loan length is worth getting right |
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Hi there. I wanted to share something I see borrowers overlook all the time when they're getting a mortgage.
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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 the length of your loan—whether it's 15 years, 20 years, or 30 years—shapes your finances in ways that go beyond what you pay each month. A shorter term means you build equity faster and pay less interest overall. A longer term means lower monthly payments and more breathing room in your budget. There's no one right answer; it depends on your goals, income stability, and how long you plan to stay in the home. The key is understanding the real trade-offs, not just picking based on what sounds familiar. Let's talk through what loan 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 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
Daniel Skagen | Barrett Financial Group
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