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Mortgage Market Update
Fawn Crosby
Fawn Crosby
Tuesday, October 20, 2026
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Should you pay extra on your mortgage? |
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One question I hear often: is there a smart way to pay down my loan faster? I wanted to walk through the real considerations.
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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
What happens when you pay extra toward your mortgage
A lot of people ask me whether it makes sense to send in extra money toward their loan balance. The honest answer: it depends on your full financial picture. Extra payments do build equity faster and reduce the total interest you'll pay over time. But before you start sending in lump sums, make sure you have an emergency fund in place and aren't carrying high-interest debt elsewhere. I've seen borrowers make smart moves here—some throw annual bonuses at their principal, others round up their monthly payment by a few hundred dollars. Even small extra payments add up. The key is understanding your own situation first: your interest rate, your other obligations, and your goals for the next five to ten years. That's where a real conversation helps. If you're thinking about accelerating your payoff, let's talk through what makes sense for you.
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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 Fawn Crosby team any time and we'll walk you through your options. |
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