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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Tuesday, October 20, 2026
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The one number that matters more than rate |
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One of the most powerful levers you have as a homeowner has nothing to do with market rates. Here's what I mean.
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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 Debt
Why your mortgage rate matters less than you think
Here's something that surprises a lot of people: the interest rate on your mortgage is only part of the picture. What really moves the needle on your monthly payment and long-term cost is how much principal you're paying down each month. When you make extra payments toward principal, you're building equity faster and reducing the total interest you'll pay over the life of the loan—no rate change needed. Even small extra payments add up. The best part? You control this completely, regardless of what rates do. If you've been holding off on a financial move because you're waiting for rates to drop, this might be worth a conversation. Let me know if you'd like to talk through your options. Reach out if you'd like to explore how accelerating your paydown could work for your situation.
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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
At Home With Gary Foote
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