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Mortgage Market Update
My Mortgage Company
Teena Broumand
Tuesday, October 20, 2026
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When rates go up, what actually happens to you |
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One of the most common questions I hear is how mortgage rates affect homeowners and buyers. This week, I want to clear up one misconception that trips people up.
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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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Affordability & Payments
Why your payment changes when rates move
When interest rates shift, you might wonder what that means for your wallet. The truth is straightforward: on a fixed-rate mortgage, your payment itself doesn't change once it's locked in. But if you're shopping for a home or thinking about refinancing, a rate change does affect how much house you can afford and what your new payment would be. That's because a higher rate means each dollar borrowed costs more over the life of the loan. Understanding this helps you make smarter decisions about timing, down payment, and loan terms. If you'd like to talk through how current rates affect your specific situation, I'm here to help. Let's walk through what a rate move means for 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
Teena Broumand
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