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Mortgage Market Update
Rita Rehana
Rita Rehana
Saturday, October 31, 2026
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How long should your mortgage really be? |
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One of the biggest decisions in a mortgage isn't the rate—it's the term. Here's why it matters.
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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 the length of your loan is just as important. A shorter term means you'll pay off your home faster and build equity quicker, while a longer term keeps your monthly payment lower and gives you more breathing room in your budget. Neither is wrong; it depends on your situation, your income stability, and your goals. The right choice for you might be different from what your neighbor chose, and that's okay. If you're not sure which direction makes sense, I'd love to walk through the trade-offs with you and show you how different terms could play out over time. Let's talk about what loan term would work best for your financial picture.
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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 Rita Rehana team any time and we'll walk you through your options. |
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