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Mortgage Market Update
My Mortgage Company
Nick Street - FOR DELETION
Tuesday, October 20, 2026
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Why your payment changes when rates move |
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Hello! This week I want to explain something that comes up in almost every conversation about mortgages.
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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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Smart Money
What happens to your payment when rates move
If you've been thinking about locking in a rate or waiting to see what happens next, it helps to understand the direct impact on your monthly payment. When rates shift, your payment moves with it—higher rates mean higher payments on a new loan, lower rates mean lower payments. But here's what surprises people: the relationship isn't one-to-one. Small rate changes can add up to real money over time, while refinancing to a lower rate only makes sense if the savings outweigh the cost to switch. The math is worth understanding, especially if you're weighing your options right now. I'm here to walk through the numbers with you and show you what different scenarios actually look like for your situation. Let's talk through how rate movement might affect your 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
Nick Street - FOR DELETION
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