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Mortgage Market Update
Caitlin Garner
Caitlin Garner
Friday, November 6, 2026
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Should you pay extra on your mortgage? |
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Every week I work with borrowers who are thinking strategically about their mortgages—not just making the payment, but planning ahead. This week, let's look at one decision that comes up often.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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
When it makes sense to pay extra toward your mortgage
One question I hear often: should I put extra money toward my mortgage payment? The answer depends on your situation. If you're carrying high-interest debt, paying down credit cards usually makes more financial sense first. But if your debts are manageable and you have some breathing room in your budget, extra mortgage payments can build equity faster and reduce the total interest you'll pay over the life of the loan. Even small extra amounts add up. The key is making sure you're not stretching so thin that you'd need to tap credit cards in an emergency. I'm happy to run the numbers for your specific loan and show you what different payment strategies could mean for your timeline and total cost. Let's talk through what works best for your finances—reach out anytime.
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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 Caitlin Garner team any time and we'll walk you through your options. |
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