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Mortgage Market Update
Brandon Work
Brandon Work
Tuesday, October 20, 2026
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Should you pay extra on your mortgage? |
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Making smart moves with your mortgage goes beyond the payment itself. This week, I want to walk you through one decision that many homeowners face.
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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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Smart Money
When paying extra on your mortgage actually pays off
A lot of homeowners wonder if throwing extra money at their mortgage each month makes sense. The short answer: it depends on your situation. If you're carrying higher-interest debt elsewhere, paying that down first usually makes more financial sense. But if your mortgage is your only major obligation, extra principal payments can shorten your loan term and reduce the total interest you'll pay over time. The key is understanding your own numbers and priorities before you commit to a payment plan you can't sustain. I'm happy to walk through how this works with your specific loan and help you figure out what strategy aligns with your goals. Let's talk through whether extra payments make sense for your household.
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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 Brandon Work team any time and we'll walk you through your options. |
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