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Mortgage Market Update
My Mortgage Company
Kevin Flannery
Tuesday, October 20, 2026
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When extra mortgage payments actually make sense |
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Hello, this week I want to cover a question I get asked pretty regularly — and the answer is more nuanced than you might think.
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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 Faster
What happens when you pay extra toward your mortgage
A lot of people ask me whether it makes sense to throw extra money at their mortgage principal. The short answer: it depends on your full financial picture. When you pay more than your required monthly payment, that extra goes straight to principal, which means you're building equity faster and paying less interest over the life of the loan. But before you commit to higher payments, make sure you're not sacrificing an emergency fund, retirement savings, or high-interest debt payoff. I help clients think through this trade-off so they're making a choice that actually fits their situation, not just chasing a faster payoff timeline. If you're wondering whether this strategy makes sense for you, let's talk it through. Reach out and we can look at whether accelerated payments fit your financial goals.
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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
Kevin Flannery
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