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Mortgage Market Update
My Mortgage Company
James Miller
Thursday, September 17, 2026
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Should you pay extra on your mortgage? |
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I work with homeowners on all kinds of decisions around their mortgages—some are about refinancing, but plenty are about how to manage the loan you already have. This week, I want to talk about something I hear a lot.
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National Mortgage Rates · September 10, 2026
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Conventional 30-Year
6.76%
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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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Smart Money
When paying extra on your mortgage actually makes sense
A lot of homeowners ask me whether they should put extra money toward their mortgage principal each month. The honest answer: it depends on your full financial picture. If you're carrying high-interest debt, have a thin emergency fund, or aren't saving for retirement, that extra payment might not be your best move right now. But if you've got those bases covered and rates are higher than they've been historically, accelerating principal can build equity faster and reduce the interest you'll pay over the life of the loan. The key is making sure extra payments fit your budget without stretching you too thin. I'd love to talk through your specific situation and help you figure out what strategy makes the most sense for you. Let's discuss whether paying extra on your mortgage is the right move for your goals.
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Tip of the Week
Replace weatherstripping around exterior doors every few years. It's one of the cheapest ways to improve energy efficiency.
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Tips for Homeowners
USDA Loans: A Zero-Down Option for Rural Buyers
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1.
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USDA loans offer 100% financing (no down payment) for eligible properties in USDA-designated rural and suburban areas. The USDA's eligibility map may include areas closer to cities than you'd expect.
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2.
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USDA loans have income limits — typically 115% of the area median income. Both the property location and borrower income must qualify.
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3.
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There's an upfront guarantee fee (1% of the loan) and an annual fee (0.35% of the balance). These are lower than FHA mortgage insurance and can be rolled into the loan.
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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
James Miller
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