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Mortgage Market Update
My Mortgage Company
Golden Summit Mortgage Group
Tuesday, October 20, 2026
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Should you put extra money toward your mortgage? |
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Managing your mortgage is about more than just making your monthly payment. This week, I want to tackle a question I hear often about accelerating payoff.
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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 Mortgage
When extra payments actually make sense
A lot of people ask whether they should put extra money toward their mortgage principal each month. The honest answer: it depends on your situation. Extra payments do build equity faster and reduce the total interest you'll pay over time. But if you're carrying higher-interest debt, maxing out retirement savings, or keeping an emergency fund that's too small, those might be smarter places for that money first. The key is understanding your own priorities and cash flow. I'm happy to walk through the math with you and help you think through what makes the most sense for your specific circumstances. Let's talk about whether extra payments fit your plan.
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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
Golden Summit Mortgage Group
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