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Mortgage Market Update
My Mortgage Company
Erika Ortiz
Tuesday, October 20, 2026
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Should you be paying extra on your mortgage? |
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One of the most common questions I hear is whether making extra payments toward a mortgage actually helps. Let me walk you through how it works.
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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 Faster
What happens when you pay extra toward principal
A lot of people wonder if making extra mortgage payments actually moves the needle. The answer is yes—but maybe not in the way you think. When you pay extra toward principal, you're reducing the amount you owe, which means less interest charged over the life of the loan. Even modest extra payments add up over time and can shorten your payoff timeline. The tradeoff is that this money leaves your pocket, so it only makes sense if you have a solid emergency fund and aren't sacrificing other financial goals. If you're thinking about accelerating your payoff, it's worth talking through the math so you know what to expect. If you'd like to explore whether extra payments make sense for your situation, I'm happy to walk through the numbers with 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Erika Ortiz
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