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Mortgage Market Update
My Mortgage Company
Robin Conley
Tuesday, November 3, 2026
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Loan term: picking what works for you |
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One of the biggest decisions in a mortgage isn't just what rate you get — it's how long you take to pay it back. Let me explain why that choice matters.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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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 your loan term (how many years you take to pay it back) is just as important. A shorter term means you build equity faster and pay less interest overall, but a longer term gives you a smaller monthly payment and more breathing room in your budget. There's no universal right answer; it depends on your income, your plans, and what feels manageable. The good news is you have options, and understanding how they trade off against each other helps you make a choice that actually fits your life, not just a spreadsheet. If you'd like to talk through what term makes sense for your situation, I'm here to walk you through it.
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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
Robin Conley
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