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Mortgage Market Update
Albert Miller
Albert Miller
Wednesday, September 2, 2026
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The 15 vs. 30 year question |
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Hi there. This week I want to walk you through one of the biggest decisions in getting a mortgage—and it's one I see homebuyers overlook.
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National Mortgage Rates · August 27, 2026
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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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Mortgage Basics
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets most of the attention—but the length of your loan is just as important to your financial picture. A shorter loan term means you build equity faster and pay less interest overall, but your monthly payment will be higher. A longer term spreads payments out, making them easier to manage month to month, but you'll pay more interest in the long run. Neither choice is automatically "right"—it depends on your income, your goals, and how long you plan to stay in the home. The best move is to understand the trade-off and pick the term that actually fits your life, not just your current budget. Let's talk about which loan term makes sense for your situation.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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 Albert Miller team any time and we'll walk you through your options. |
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