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Mortgage Market Update
My Mortgage Company
Joshua Hicks
Tuesday, October 20, 2026
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Why your payment changes when rates move |
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There's a lot of noise around mortgage rates, but the core mechanics are simple. Let me break down what's actually happening to your money.
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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
What happens to your payment when rates move
A lot of people ask me how rate changes actually affect their wallet. Here's the straightforward answer: when rates go up, your monthly payment goes up (if you're getting a new loan or refinancing). When rates go down, your payment goes down. The relationship is direct. The size of that change depends on your loan amount and how many years you're borrowing over. That's why staying aware of where rates are trending matters—it helps you time big decisions like refinancing or buying, and it helps you understand your options when you're ready to move. I'm always happy to run the real numbers for your specific situation. Get in touch and I'll walk you through what rate movement means 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
Joshua Hicks
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