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Mortgage Market Update
Jessica Firmiano
Jessica Firmiano
Wednesday, October 21, 2026
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What lenders see when they look at your finances |
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I work with borrowers who sometimes don't realize how much their other debts influence their mortgage approval. This week, I want to walk you through why it matters.
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National Mortgage Rates · October 20, 2026
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Conventional 30-Year
7.33%
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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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Debt & Borrowing
Why your other debts matter to lenders
When you apply for a mortgage, lenders look at more than just your down payment and credit score. They examine all the debt you're carrying—car loans, credit cards, student loans, personal lines of credit. Each one affects how much house you can afford and what rate you'll qualify for. The reason is straightforward: lenders want to know you can handle a mortgage payment alongside everything else. If you're carrying high balances or lots of monthly obligations, it reduces the amount a lender will approve you for, even if you have good credit. The good news is that paying down debt before applying—or even before refinancing—can open up more options and better terms. If you're thinking about a home purchase or refinance soon, this is worth a conversation.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 Jessica Firmiano team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
(908) 656-3886 | https://petracephasinc.theradcrm.com/
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