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Thursday, August 20, 2026 |
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Mortgage Market Update
Choosing between a 15 and 30-year mortgage
Hi there. Every mortgage decision involves trade-offs, and one of the biggest is how long you want to take to pay it off.
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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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Mortgage Basics
Why your loan term matters more than you think
When you're shopping for a mortgage or thinking about refinancing, the interest rate gets most of the attention—but your loan term (15 years, 30 years, or something in between) shapes your financial life just as much. A shorter term means higher monthly payments but you build equity faster and pay less interest overall. A longer term lowers your payment, which can free up cash for other goals. There's no universal "right" choice; it depends on your income stability, other debts, and what matters to you right now. I've helped plenty of borrowers realize they picked a term that didn't fit their actual situation. If you'd like to talk through what makes sense for your household, I'm here to walk through the numbers with you. Let's discuss which loan term aligns best with your goals.
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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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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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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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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 Michael Langille team any time and we'll walk you through your options.
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30 S 7th Ave, Brighton, CO 80601
303-549-1119
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