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Mortgage Market Update
My Mortgage Company
Charles Skinner — Charles Skinner
Tuesday, October 20, 2026
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Where your mortgage payment actually goes |
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Hi there. This week I want to talk about something that happens quietly in the background of every payment you make—but it's worth understanding.
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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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Building Equity
The part of your payment that actually belongs to you
Every mortgage payment you make does two jobs: some goes toward interest (what the lender charges), and some goes toward principal (the amount you actually own). Early on, more of your payment covers interest. But as time goes on, that balance shifts—and more of what you pay builds equity in your home. Understanding this matters because it's how homeownership becomes wealth-building instead of just paying rent to a bank. The longer you stay in your home, the faster this works in your favor. If you're curious about how much principal you're chipping away at each month, or whether refinancing might change that math, I'd love to walk through the numbers with you. Let's talk about your specific loan and see where your payments are really going.
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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
Charles Skinner — Charles Skinner
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