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Mortgage Market Update
My Mortgage Company
Jeremy Shane Jordan
Friday, November 6, 2026
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Why loan term matters for your budget |
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Hi there—I wanted to touch on something that doesn't always get the spotlight, but absolutely should when you're deciding on a mortgage.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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 have to pay it back) shapes your finances just as much. A longer term means a smaller monthly payment but more interest paid over time. A shorter term costs more per month but builds equity faster and costs less overall. Neither is automatically "right"—it depends on your income, your plans for the home, and what payment feels sustainable to you. The key is understanding the trade-off so you can choose what actually works for your life, not what sounds good in theory. Let's talk through what term makes sense for your situation.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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
Jeremy Shane Jordan
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