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Mortgage Market Update
Ryan Steer
Ryan Steer
Friday, November 6, 2026
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Why your loan term matters more than you think |
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One of the biggest choices in a mortgage isn't always the most obvious one. Let me walk you through it.
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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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Smart Borrowing
Why your loan term matters more than you think
When you're looking at a mortgage, the interest rate gets all the attention. But how long you borrow for—your loan term—shapes your finances in ways that deserve just as much thought. A shorter term builds equity faster and costs less in total interest over time. A longer term lowers your monthly payment, which can free up cash for other goals or give you breathing room in your budget. Neither is right or wrong; it depends on what matters most to you right now. The key is understanding the real trade-off before you commit. If you'd like to walk through how different terms would look for your situation, I'm here to help. Let's talk about which term makes sense for your goals.
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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 Ryan Steer team any time and we'll walk you through your options. |
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