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Mortgage Market Update
My Mortgage Company
Andy Zamora
Tuesday, October 20, 2026
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Loan term: the choice that shapes your payment |
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Hi there. This week I want to talk about something that doesn't always make headlines but absolutely should—how your loan term affects your mortgage for the next 15, 20, or 30 years.
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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
Why your loan term matters more than you think
When you're looking at a mortgage, the interest rate gets all the attention—but your loan term (how many years you have to pay it back) shapes your financial life just as much. A shorter term means you build equity faster and pay less interest overall, but your monthly payment is higher. A longer term spreads out your payments, which can feel easier month to month, but you're paying more in the long run. Neither is "right" or "wrong"—it depends on your income, your goals, and how long you plan to stay in the home. The best choice is the one that lets you sleep at night and stay on track with your other financial priorities. I'd love to walk through what makes sense for your situation. Let's talk about which term fits your budget and goals.
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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
Andy Zamora
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