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Mortgage Market Update
My Mortgage Company
Chad Pennington — Lindsey Pennington
Tuesday, October 20, 2026
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Loan term: the choice that really shapes your payment |
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There are more moving parts to a mortgage than most people realize. This week, I want to walk you through one that deserves more attention than it usually gets.
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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 loan term matters more than you think
When you're comparing mortgages, interest rate gets all the attention—but your loan term (how many years you have to pay it back) shapes your finances just as much. A shorter term means you build equity faster and pay less interest overall, but your monthly payment will be higher. A longer term spreads payments out, making them easier to manage month-to-month, but you're in debt longer. There's no universally right answer; it depends on your income stability, other debts, and long-term plans. The key is understanding the trade-off so you pick what actually works for your life, not just what sounds familiar. Let's talk through which term makes sense for your situation.
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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
Chad Pennington — Lindsey Pennington
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