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Mortgage Market Update
My Mortgage Company
Nick Germano
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Not all homeowners need to refinance—and not all should. This week, I want to help you figure out if it's worth exploring for your home.
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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
Should you refinance? Here's how to know.
Refinancing isn't just about chasing lower rates—it's about whether the move makes sense for your situation. Sometimes it does: you might shorten your loan term, cut your monthly payment, or switch from an ARM to a fixed rate for peace of mind. Other times, the closing costs and time in the home don't add up in your favor. The key is running the numbers on your specific loan, not just comparing rates on a spreadsheet. I can walk you through a simple payback calculation so you see exactly what refinancing would mean for your wallet and timeline. Curious whether refinancing makes sense for you? Let's talk through it.
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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
Nick Germano
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