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Mortgage Market Update
My Mortgage Company
Kurt Kessler - 2
Tuesday, November 3, 2026
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Loan length: the choice that affects everything |
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One of the biggest decisions in a mortgage isn't just about price—it's about time. Here's what you need to know.
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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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Loan Terms
Why your loan length 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, 30 years, or something else—shapes your entire financial picture just as much. A longer loan means smaller monthly payments but more interest paid over time. A shorter loan builds equity faster and costs less overall, but the monthly payment is higher. There's no one-size-fits-all answer; it depends on your income, your goals, and how long you plan to stay in the home. The good news is you have options, and we can walk through what each term looks like for your situation. Let's talk through which loan length makes sense for your budget and timeline.
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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
Kurt Kessler - 2
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