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Mortgage Market Update
My Mortgage Company
Lynn Berry — Ryan Berry
Saturday, October 31, 2026
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Shorter or longer mortgage—which is right for you? |
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One of the biggest decisions in a mortgage isn't the rate—it's how long you want to take paying it back. Here's what you need to know.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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 your loan term (how many years you have to pay it back) shapes your finances just as much. A shorter term means higher monthly payments but you build equity faster and pay less interest overall. A longer term lowers your monthly payment, which can make homeownership more affordable right now. The right choice depends on your income, goals, and what fits comfortably in your budget. There's no one-size-fits-all answer, which is why it's worth talking through your options before you decide. I'm here to walk you through how different terms would actually work for your situation. Let's talk about which loan term makes sense for you—reach out anytime.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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
Lynn Berry — Ryan Berry
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