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Mortgage Market Update
My Mortgage Company
Madden Sewer & Drain
Friday, November 6, 2026
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Longer loan term—when it actually makes sense |
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Hi there. This week I want to talk about a choice that trips up a lot of homeowners: picking a loan term that works for your life, not just the math.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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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Payment Strategy
When a smaller payment might be smarter
Most people think longer loan terms mean paying more interest—and that's true over the full life of the loan. But there's a practical reason some borrowers choose them anyway: breathing room. If a 30-year mortgage leaves you with more monthly cushion than a 15-year one, that flexibility can let you handle unexpected costs, invest elsewhere, or simply sleep better at night. The math isn't always about the lowest total interest paid; it's about what works for your actual life. We can show you side-by-side comparisons so you see the full picture—not just the headline numbers—and decide what fits your situation. If you'd like to explore how different loan terms would affect your payment and financial flexibility, I'm happy to walk through the options with 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
Madden Sewer & Drain
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