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Mortgage Market Update
My Mortgage Company
Rob Gallagher
Tuesday, October 20, 2026
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When rates drop, what's your next move? |
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Hi there. This week I want to walk through something that comes up a lot when market conditions change.
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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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Mortgage Basics
What actually happens when rates drop
When mortgage rates move lower, it opens up real options for homeowners. You might refinance to lower your monthly payment, shorten your loan term, or pull cash out for home improvements or other goals. But here's what matters: a rate drop doesn't automatically mean you should act. The right move depends on your situation—how long you plan to stay, what you owe, and what you're trying to accomplish. That's why it pays to talk through the math before rates shift again. I'm here to help you understand what a rate change actually means for your specific loan and goals. Let's talk about whether a rate move creates an opportunity 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
Rob Gallagher
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