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Mortgage Market Update
Susan Joy Boyer
Susan Joy Boyer
Tuesday, November 3, 2026
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Should you refinance? Here's how to know |
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One question I hear often is whether now's the right time to refinance. The answer depends on your personal situation, not just what rates are doing.
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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
When refinancing makes financial sense
Refinancing isn't one-size-fits-all, but it's worth a look if your situation has changed since you got your mortgage. Maybe your credit has improved, your home has gained value, or you're thinking about shortening your loan term. The math depends on how long you plan to stay in your home and what your costs would be. A rate drop alone doesn't always justify refinancing—you have to weigh closing costs against your long-term savings. The best way to know if it pencils out for you is to run the numbers with someone who understands your specific loan and timeline. If you're curious whether refinancing could work in your favor, let's talk through your options.
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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 Susan Joy Boyer team any time and we'll walk you through your options. |
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