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Mortgage Market Update
My Mortgage Company
Manila
Tuesday, November 3, 2026
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Is refinancing worth it for your home? |
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Refinancing gets a lot of attention, but it's not always the right choice. Here's how to tell if it's worth exploring.
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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 refinancing actually makes sense
Refinancing isn't always the right move—even when rates drop or your situation changes. The real question is whether the benefit you'll gain outweighs the time and cost involved in the process. Sometimes staying put is smarter. I help borrowers work through the math: looking at how long you plan to stay in your home, what your new payment would be, and what closing costs might run. A few scenarios make sense to revisit—a significant drop in rates, a change in your income or credit, or needing to tap equity for something important. But there's no one-size-fits-all answer. The best decision comes from running the numbers on your specific situation and understanding what you're actually saving. Let's talk through whether refinancing makes sense for you right now.
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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
Manila
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