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Mortgage Market Update
My Mortgage Company
Trevor Flaten
Friday, November 6, 2026
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Paying down your mortgage faster than you think |
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Hello,
Lots of people wonder if small, consistent extra payments actually make a real difference. Spoiler: they do.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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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Payment Strategy
One small change that compounds over time
If you're carrying a mortgage, you've probably wondered whether extra payments actually move the needle. They do—more than you'd think. Even modest overpayments toward principal can shorten your loan term and reduce the total interest you pay over the life of the loan. The beauty is you don't need a windfall to start; many borrowers find room in their budget for an extra $50 or $100 per month. Of course, this only makes sense if you're comfortable with the cash flow and don't have higher-interest debt to tackle first. If you're curious whether this strategy could work for your situation—or wondering if your current loan terms allow for flexible payments—I'd love to walk through the math with you. Reach out and we can talk through whether a payment plan like this fits your goals.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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
Trevor Flaten
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