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Mortgage Market Update
Russell Fisher
Russell Fisher
Friday, November 6, 2026
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Should you pay extra on your mortgage? |
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Hi there. Let's talk about something I get asked about regularly—what happens when you pay down your mortgage faster than the schedule requires.
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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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Paying Down Mortgage
Extra payments: worth the effort?
One question I hear often: if I throw extra money at my mortgage, will it actually make a difference? The short answer is yes—but the math depends on your situation. Extra principal payments reduce what you owe and cut the total interest you'll pay over the life of the loan. The catch is timing: if rates are low and you have other high-interest debt, sometimes that money works harder elsewhere first. The best move is understanding your own priorities—whether you want to build equity faster, shorten your loan term, or keep flexibility for emergencies. There's no one-size-fits-all answer, which is exactly why it's worth talking through. Curious if extra payments make sense for your loan? I'd be happy to walk you through the numbers.
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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 Russell Fisher team any time and we'll walk you through your options. |
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