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Mortgage Market Update
My Mortgage Company
Armond Ohan
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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A lot of borrowers ask whether now is the right time to refinance. The answer depends on your situation.
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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 sense (and when it doesn't)
Refinancing sounds simple in theory: take out a new loan to pay off your old one. But the real question is whether it actually improves your situation. Sometimes it does—maybe rates have moved favorably, or your credit has strengthened since you first borrowed. Other times, the math doesn't work: closing costs eat into savings, or you're resetting the clock on a loan you're already halfway through. The best way to know is to run the numbers with someone who can look at your specific loan, timeline, and goals. There's no one-size-fits-all answer, but there's almost always a clear answer for you. If you're wondering whether refinancing could help, I'd be happy to walk 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 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
Armond Ohan
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