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Mortgage Market Update
My Mortgage Company
Stephen Tyler
Tuesday, October 20, 2026
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Does a rate change affect your monthly payment? |
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Hi there. This week I want to clear up something I hear about a lot — and it's worth understanding if you own a home or are thinking about buying one.
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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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Payment Planning
What happens to your payment when rates change
A lot of people ask me how rising or falling rates affect their monthly mortgage payment. Here's the straightforward answer: if you have a fixed-rate loan (the most common type), your payment stays exactly the same for the life of the loan. Rates don't touch it. What rates do affect is how much of each payment goes toward principal versus interest, and they matter hugely if you're shopping for a new loan or refinancing an existing one. When rates move, the monthly cost of borrowing goes up or down. That's why checking your rate options periodically makes sense — it helps you understand what you're actually paying for and whether your current loan still makes sense for your situation. If you'd like to walk through how rates affect your specific loan or explore what's available to you right now, I'm here to help.
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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
Stephen Tyler
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