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Mortgage Market Update
Megan Bissell
Edge Home Finance
Thursday, September 17, 2026
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Shorter payment, or breathing room each month? |
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One of the most overlooked choices in a mortgage is how long you take to pay it back. Let me explain why it matters.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
6.76%
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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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Payment Planning
Why your loan term shapes your financial picture
When we talk about mortgages, the interest rate gets all the attention—but your loan term (how long you take to pay it back) might matter even more to your monthly budget and long-term wealth. A shorter term means higher payments but less interest paid over time. A longer term spreads payments out, which can free up cash for other goals, but you'll pay more interest overall. The right choice depends on your income stability, other financial priorities, and how long you plan to stay in the home. There's no universal "best" answer—only what works for your situation. I'd love to walk through the trade-offs with you and show how different terms would actually play out in your budget. Let's talk about which loan term makes sense for your life right now.
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Tip of the Week
Replace weatherstripping around exterior doors every few years. It's one of the cheapest ways to improve energy efficiency.
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Tips for Homeowners
USDA Loans: A Zero-Down Option for Rural Buyers
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1.
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USDA loans offer 100% financing (no down payment) for eligible properties in USDA-designated rural and suburban areas. The USDA's eligibility map may include areas closer to cities than you'd expect.
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2.
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USDA loans have income limits — typically 115% of the area median income. Both the property location and borrower income must qualify.
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3.
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There's an upfront guarantee fee (1% of the loan) and an annual fee (0.35% of the balance). These are lower than FHA mortgage insurance and can be rolled into 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 Megan Bissell team any time and we'll walk you through your options. |
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