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Tuesday, October 20, 2026 |
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Mortgage Market Update
What happens when you pay more than you owe
Getting a handle on your mortgage means understanding where every dollar goes. This week, let's talk about what happens when you pay down your principal—and why it matters.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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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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Paying Down Principal
Why your extra payment might do more than you think
When you send in a payment above your regular monthly amount, that extra money typically goes straight to your principal balance—the amount you actually owe on the house. This has a real impact: it lowers what you're borrowing, which means less interest charges over time and a shorter loan overall. Even small extra payments add up. The beauty is that you control the timing and amount; there's no penalty for paying down principal faster. If you're thinking about using a bonus, tax refund, or extra cash flow this way, I'm happy to walk through how it would affect your timeline and long-term costs. It's one of the most straightforward ways to build equity and save money simultaneously. Let me show you how an extra payment strategy could work for your situation.
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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 Ashli Huron team any time and we'll walk you through your options.
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2102916167
NMLS# 1577691
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