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Mortgage Market Update
Megan Bissell
Edge Home Finance
Monday, September 14, 2026
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Shorter payment, or breathing room each month? |
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One of the most overlooked choices in a mortgage is how long you take to pay it back. Let me explain why it matters.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
6.76%
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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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Payment Planning
Why your loan term shapes your financial picture
When we talk about mortgages, the interest rate gets all the attention—but your loan term (how long you take to pay it back) might matter even more to your monthly budget and long-term wealth. A shorter term means higher payments but less interest paid over time. A longer term spreads payments out, which can free up cash for other goals, but you'll pay more interest overall. The right choice depends on your income stability, other financial priorities, and how long you plan to stay in the home. There's no universal "best" answer—only what works for your situation. I'd love to walk through the trade-offs with you and show how different terms would actually play out in your budget. Let's talk about which loan term makes sense for your life right now.
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Tip of the Week
Gift funds from family can be used toward a down payment on most loan types — your lender will need a simple gift letter.
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Tips for Homeowners
VA Loans: Benefits Every Veteran Should Know
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1.
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VA loans require no down payment and no private mortgage insurance (PMI), making them one of the most powerful home-buying tools available to eligible veterans, active-duty service members, and surviving spouses.
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2.
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VA loans do require a funding fee (typically 1.25%–3.3% of the loan amount), which can be rolled into the loan. Veterans with a service-connected disability rating may be exempt from this fee.
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3.
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There's no VA loan limit for eligible borrowers with full entitlement — you can finance as much as a lender will approve. If you've had a prior VA loan, partial entitlement rules may apply.
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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 Megan Bissell team any time and we'll walk you through your options. |
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