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Mortgage Market Update
My Mortgage Company
Paul Schmitt Mortgage Broker
Tuesday, October 20, 2026
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What your mortgage rate really costs you |
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Hi there. This week I want to cover something fundamental that doesn't always get enough attention—how much your interest rate shapes your financial picture as a homeowner.
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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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Mortgage Basics
Why your rate matters more than you think
When rates move, it affects more than just your monthly payment. A higher rate means less of each payment goes toward building equity in your home—more goes to interest. Over time, that difference adds up. It also changes how much home you can afford and whether refinancing makes sense down the road. Understanding this relationship helps you make smarter decisions about when to lock in a rate, whether to refinance, or how to think about your long-term mortgage strategy. If you're curious about what your rate environment means for your specific situation, I'm happy to walk through it with you. Reach out anytime—I can explain how rates and payments work together for your goals.
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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
Paul Schmitt Mortgage Broker
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