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Mortgage Market Update
My Mortgage Company
Ashley McKown — Ashley McKown
Wednesday, September 2, 2026
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30 years vs 15—which loan term fits you |
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Hi there. I've noticed a lot of borrowers focus on rate alone when choosing a mortgage, but there's another decision that's just as important.
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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 all the attention. But the length of your loan—whether it's 15 years, 20 years, or 30 years—shapes your finances just as much. A shorter term means you build equity faster and pay less interest overall, but your monthly payment climbs. A longer term keeps your payment manageable but extends how long you're paying interest. There's no single right answer; it depends on your budget, your plans for the home, and how much flexibility you want each month. The key is understanding the trade-off before you commit. I'm happy to walk through what different terms would look like for your situation. Let's talk about which loan term makes sense for your goals.
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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 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
Ashley McKown — Ashley McKown
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