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Mortgage Market Update
Brandon Palmer
Brandon Palmer
Thursday, August 20, 2026
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Loan term: what really matters |
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Hi there. This week I want to talk about a choice that affects your mortgage for years to come—and one I see borrowers overlook too often.
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National Mortgage Rates · August 13, 2026
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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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Smart Money
Why your loan term 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 is just as important to your wallet. A shorter term means you build equity faster and pay less interest overall, but a longer term means lower monthly payments and more breathing room in your budget. There's no single right answer; it depends on your income, your goals, and what payment you can actually afford without stress. The key is understanding the trade-off so you can choose what works for your life, not just what sounds good in the moment. If you're curious about how different terms would affect your situation, I'm happy to walk through the numbers with you. Let's talk through what term makes sense for you.
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Tip of the Week
If your credit score is below 740, even small improvements before applying for a mortgage can save you thousands over the life of the loan.
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Tips for Homeowners
Weatherproofing Your Home Before Winter
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1.
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Clean your chimney if you have a fireplace. The National Fire Protection Association recommends annual inspection and cleaning to prevent chimney fires.
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2.
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Check attic insulation and ventilation before winter. Inadequate insulation leads to heat loss, higher energy bills, and ice dams on the roof that can cause significant damage.
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3.
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Inspect weatherstripping on all exterior doors. A simple dollar-bill test works: close the door on a bill — if you can pull it out easily, your weatherstripping needs replacing.
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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 Brandon Palmer team any time and we'll walk you through your options. |
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