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Mortgage Market Update
Joseph Kennaley
Joseph Kennaley
Tuesday, November 3, 2026
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When should you actually refinance? |
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Some weeks I get a lot of questions about refinancing, and I realize many borrowers aren't sure when it's actually worth doing. Let me break down the real math.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The real question is whether the long-term savings justify what you'll pay upfront to refinance. Some people break even in a few years; others never do, depending on how long they stay in the home and what their current loan looks like. A refinance can lower your monthly payment, shorten your loan term, or switch from an adjustable rate to a fixed one—but each scenario has different math behind it. The best way to know if it's worth your time is to run the actual numbers on your specific situation, not just chase a headline rate. I can walk through what refinancing would cost and save you, and whether the timing makes sense for your goals. If you've been wondering whether refinancing makes sense, let's talk through your numbers.
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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 Joseph Kennaley team any time and we'll walk you through your options. |
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