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Mortgage Market Update
My Mortgage Company
Christopher Larson
Friday, November 6, 2026
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Loan term vs. interest rate: which matters more? |
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Hi there. This week I want to cover something I see homebuyers overlook: the real impact of choosing a 15-year loan versus a 30-year one, and how it ripples through your budget and your payoff plan.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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 shopping for a mortgage, the 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 longer term means lower monthly payments but more interest paid over time. A shorter term builds equity faster and costs less overall, but the payment is higher. The right choice depends on your income, your plans, and what you're comfortable with each month. There's no universal "best" answer; it's about what works for your life. I'd love to walk you through how different terms affect your specific situation. Let's talk about which loan term makes sense for you.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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
Christopher Larson
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