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Mortgage Market Update
Arturo Solis
Arturo Solis
Saturday, October 31, 2026
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The choice between 15 and 30 years |
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One of the most important decisions you'll make on a mortgage gets less attention than it deserves. Let me explain why your loan term is worth a closer look.
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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 Fundamentals
Why your loan term matters more than you think
When you're shopping for a mortgage, it's easy to focus on the interest rate and gloss over the loan term—but the length of your loan shapes your whole financial picture. A shorter term means you build equity faster and pay less interest overall, but your monthly payment will be higher. A longer term spreads that payment out, giving you more breathing room in your budget month to month. Neither is automatically "better"—it depends on your situation, your income stability, and your other financial goals. If you've never walked through how different terms would actually affect your payment and long-term costs, it's worth doing. I'm happy to run those scenarios with you so you can see the real trade-offs and pick what makes sense for your life. Let's talk through what loan term fits your situation best.
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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 Arturo Solis team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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Arturo Solis
Arturo Solis
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