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Mortgage Market Update
My Mortgage Company
Nolan Kitkoski
Tuesday, November 3, 2026
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Does refinancing pencil out for you? |
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Not every rate drop is a sign to refinance. Here's how to decide if it's worth your time.
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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 isn't always the right move—even when rates look attractive. The real question is whether the monthly savings justify the cost and time involved in applying, closing, and starting a new loan. Some borrowers come out ahead after a few months. Others need years to break even. The answer depends on your situation: how long you plan to stay in your home, what you'd pay in closing costs, and where rates stand against your current rate. It's worth doing the math before you commit. I can help you figure out if refinancing makes sense for your specific loan and timeline. Let's talk through whether refinancing is worth exploring for your mortgage.
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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
Nolan Kitkoski
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