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Mortgage Market Update
Scott Campbell
Scott Campbell
Tuesday, October 20, 2026
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What extra mortgage payments actually do |
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One of the smartest moves a homeowner can make is paying down their principal faster. Here's what you need to know.
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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
One question I hear often: "Does it actually help to send in extra payments?" The answer is yes—but how you do it matters. When you pay more than your minimum, that extra money goes directly toward reducing your loan balance, which means less interest you'll pay over the life of the loan. Even modest extra payments can add up over time. The catch is making sure your lender applies that money correctly. Some borrowers find it worth setting up a plan to tackle this systematically; others prefer to send occasional lump sums when they have the cash. Both approaches work, as long as you're intentional about it. I'd be happy to walk you through how it would work with your specific loan. Let's talk about what an extra payment strategy might look like 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 Scott Campbell team any time and we'll walk you through your options. |
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