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Mortgage Market Update
My Mortgage Company
Legacy Lending Group
Tuesday, October 20, 2026
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What really drives your monthly mortgage payment |
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Hi there. This week I want to clear up something I see borrowers wonder about all the time: what actually determines what you 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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Affordability & Rates
Why your monthly payment matters more than the rate
When rates move, it's natural to focus on that number—but what really affects your wallet is your monthly payment. A lower rate is great, but the loan amount, term, and your down payment all play a role in what you actually pay each month. This is why two borrowers with similar rates can have very different payments, and why refinancing isn't always the right move just because rates dropped a bit. Understanding this relationship helps you make smarter decisions about whether to buy, refinance, or wait. I'd love to walk through your specific situation and show you how all these pieces fit together. Let's talk about what your payment would look like in your scenario.
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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
Legacy Lending Group
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