Mortgage Market Update

My Mortgage Company

Roberta Rustin

Tuesday, November 3, 2026

Does refinancing actually make sense for you?

One of the most common questions I get is whether someone should refinance their mortgage. The answer usually depends on a few personal factors—let me explain how to think about it.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Refinancing Basics

When refinancing makes sense (and when it doesn't)

Refinancing—replacing your current mortgage with a new one—can be a smart move, but it's not automatic. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or tap into home equity they've built. But every refinance comes with closing costs, and it takes time for your monthly savings to make up for those upfront expenses.

The right moment to refinance depends on your goals, how long you plan to stay in your home, and where rates are headed. Some borrowers benefit in weeks; others need years to break even. That's why it's worth running the actual numbers before you commit. If you're curious whether refinancing could work for you, I'm happy to walk through the math.

Let's talk about whether a refinance makes sense for your situation.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Roberta Rustin

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