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Mortgage Market Update
Thomas Harris
Thomas Harris
Tuesday, October 20, 2026
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Your payment matters more than you think |
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A lot of mortgage conversations start with rate talk—and that's understandable. But I've found the real question homeowners should ask first is whether the loan fits their monthly budget.
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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 & Payments
Why your budget matters more than the rate
I talk to people all the time who focus only on interest rates—and while rates do matter, they're just one piece of the affordability puzzle. What really shapes whether a loan works for your life is your total monthly payment, and that depends on the loan term, down payment, and loan type just as much as the rate itself. A borrower with a longer-term loan might have a smaller payment than one with a shorter term, even if rates are identical. The goal isn't always the lowest rate; it's the payment and terms that fit your household. Before we chase rate movements, let's make sure we're building a loan that actually works for your budget. If you'd like to talk through what a real payment might look like for your situation, I'm here to help.
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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 Thomas Harris team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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Thomas Harris
Thomas Harris
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