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Mortgage Market Update
My Mortgage Company
Wally Simpson
Tuesday, October 20, 2026
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How rate changes actually affect your mortgage |
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Hi there. This week I want to clear up a common question I hear from homeowners about how interest rates work.
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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 happens to your payment when rates move
A lot of people ask me whether a change in interest rates affects the monthly payment they're already making. Here's the straightforward answer: if you have a fixed-rate mortgage, your payment stays the same. That's the whole point of a fixed rate—it locks in your payment for the life of the loan. What does change is how much of each payment goes toward interest versus principal. When rates rise, new borrowers pay more per month for similar loans. When rates fall, refinancing might let you lower your payment or shorten your loan term. Either way, understanding this helps you make smarter decisions about whether to refinance or hold steady. If you'd like to talk through what a rate move might mean for your specific situation, I'm here to walk you through it.
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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
Wally Simpson
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