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Mortgage Market Update
Emin Hakobian
Phast Funding
Tuesday, October 20, 2026
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What does locking your rate actually do |
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One of the most important moments in the mortgage process is when you lock your rate. Here's what you need to know.
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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 a locked rate really means
When you lock your interest rate with us, you're protecting yourself from rate movement during your loan process. That locked rate stays yours through closing—it doesn't change if the market shifts. This matters because it gives you certainty on your monthly payment at a time when a lot else is still in motion. The lock period varies, and I always explain the options based on your timeline. Understanding what you're actually locked into—and for how long—removes a lot of the stress from the lending process. If you're in process or thinking about buying soon, let's talk about what a rate lock looks like 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 Emin Hakobian team any time and we'll walk you through your options. |
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