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Mortgage Market Update
Evelyn Morgan
Keyway Lending powered by Edge Home Finance
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 borrowers don't always think about until they're deep into paperwork—but it should come up early.
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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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Loan 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, 30 years, or something in between—shapes your whole financial picture in ways that go beyond the monthly payment. A shorter term means you build equity faster and pay less interest over time. A longer term means lower monthly payments, which can free up cash for other priorities. Neither is universally right; it depends on your income, your goals, and what else matters to your family. The best loan term is the one that fits your actual life, not just the one with the lowest rate. I'd love to walk through what makes sense for your situation. Let's talk about which loan term would work best 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 Evelyn Morgan team any time and we'll walk you through your options. |
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