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Mortgage Market Update
My Mortgage Company
Kimberly Kemppainen
Tuesday, October 20, 2026
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What to do if your rate improves |
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There's a common milestone that happens to homeowners when market rates shift—and I want to make sure you're thinking about it the right way.
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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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Affordability & Payments
When your rate drops, what should you do with the savings?
If rates have moved in your favor since you locked in your mortgage, you're in a position I see a lot of homeowners face—and it's actually a good problem to have. The question isn't just whether refinancing makes sense financially; it's what you'll do with any monthly savings you unlock. Some people redirect it to extra principal payments, building equity faster. Others use it to free up breathing room in their monthly budget. A few do both—a smaller payment plus modest extra payments toward the loan. Before you decide, it helps to understand your own goals: are you trying to pay off the house sooner, or do you need more cash flow right now? Let's talk through what makes sense for your situation. I'm happy to walk you through your options and show you what's realistic with today's rates.
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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
Kimberly Kemppainen
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