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Mortgage Market Update
My Mortgage Company
Ashley McKown — Ashley McKown
Thursday, September 3, 2026
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30 years vs 15—which loan term fits you |
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Hi there. I've noticed a lot of borrowers focus on rate alone when choosing a mortgage, but there's another decision that's just as important.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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 the length of your loan—whether it's 15 years, 20 years, or 30 years—shapes your finances just as much. A shorter term means you build equity faster and pay less interest overall, but your monthly payment climbs. A longer term keeps your payment manageable but extends how long you're paying interest. There's no single right answer; it depends on your budget, your plans for the home, and how much flexibility you want each month. The key is understanding the trade-off before you commit. I'm happy to walk through what different terms would look like for your situation. Let's talk about which loan term makes sense for your goals.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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
Ashley McKown — Ashley McKown
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