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Mortgage Market Update
Eric Neal
Eric Neal
Friday, November 6, 2026
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Term length and your monthly payment |
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One of the biggest decisions in a mortgage isn't just which lender to pick—it's the structure of the loan itself. Here's what you should know.
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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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Loan 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 loan term (how many years you have to repay) shapes your finances just as much. A shorter term means higher monthly payments but less interest paid over time and faster equity building. A longer term spreads payments out, which helps with monthly cash flow. Neither is automatically "right"—it depends on your income, goals, and what feels sustainable for your household. The good news is this is a choice you get to make based on your real life, not someone else's formula. If you're curious about what different terms would actually look like for your situation, that's exactly what I'm here to walk through. Let's talk about which term makes sense for you.
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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 Eric Neal team any time and we'll walk you through your options. |
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