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Mortgage Market Update
My Mortgage Company
John Bohannon
Tuesday, October 20, 2026
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The power of paying a little extra each month |
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Hi there. I've been thinking about one of the smartest moves a homeowner can make—and how often people don't realize they're doing it right.
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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: if I pay a little extra on my mortgage each month, where does that money actually go? The answer matters more than you might think. When you make an extra payment—or even just add a bit to your regular payment—that money goes straight toward principal, not interest. Over time, this builds equity faster and reduces the total interest you'll pay over the life of your loan. The earlier you start, the bigger the impact. It doesn't have to be a huge amount; even small, consistent extra payments can add up. I'd be happy to walk you through what this could look like for your specific situation. Let's talk about whether a principal paydown strategy makes sense 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 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
John Bohannon
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