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Mortgage Market Update
My Mortgage Company
Dakota Howard
Tuesday, November 3, 2026
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Is refinancing worth it for your home? |
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Not every homeowner should refinance—and not every homeowner shouldn't. Here's how to tell the difference.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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Refinancing basics
Why some homeowners refinance (and some shouldn't)
Refinancing isn't one-size-fits-all. Some people refinance to lower their monthly payment when rates drop. Others do it to shorten their loan term, build equity faster, or switch from an adjustable rate to a fixed one. But refinancing isn't free—there are costs involved, and it only makes sense if the benefit outweighs what you'll pay upfront. The right move depends entirely on your situation: how long you plan to stay in your home, what your current rate and term are, and what you're trying to accomplish. That's why it's worth having a real conversation about your specific goals before deciding. I'm here to help you figure out whether it makes sense for you. Let's talk about whether refinancing fits your plan.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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
Dakota Howard
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