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Mortgage Market Update
Michael Medina
Michael Medina
Tuesday, October 20, 2026
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What your mortgage rate actually costs you |
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One of the most important numbers on your loan document often gets the least attention. Let me explain why it deserves a closer look.
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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
Why your rate matters more than you think
When rates move, it's easy to focus only on your monthly payment. But the real story is bigger: your interest rate shapes how much total interest you'll pay over the life of your loan, affects how quickly you build equity, and influences whether refinancing makes sense down the road. A small rate difference compounds into thousands of dollars over 15 or 30 years. Understanding your rate—and how it compares to what's available now—helps you make smarter decisions about your mortgage, whether that's locking in while conditions favor you or deciding to stay put. If you'd like to talk through what your current rate means for your situation, I'm here to walk you through it. Reach out and let's review where you stand.
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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 Michael Medina team any time and we'll walk you through your options. |
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