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Mortgage Market Update
Joseph Kennaley
Joseph Kennaley
Tuesday, November 3, 2026
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Should you refinance? The honest answer |
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Hi there. This week I want to tackle a question I hear often: when is refinancing worth it?
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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 Strategy
When does refinancing actually make sense?
Refinancing sounds appealing when rates drop or your situation changes, but it's not always the right move. The real question isn't whether you can refinance—it's whether you should. A lower rate matters only if you'll keep the home long enough to recoup closing costs. Better credit or a stronger financial position might qualify you for programs you weren't eligible for before. And sometimes a refinance isn't about the rate at all; it's about switching loan types, tapping equity for a major expense, or simply resetting your timeline. The math is personal to you. I'd rather spend fifteen minutes running the actual numbers for your situation than have you make a guessing game of it. If you're wondering whether a refinance pencils out for you, let's walk through it together.
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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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