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Mortgage Market Update
My Mortgage Company
The Bank With Will Team
Tuesday, November 3, 2026
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Why some borrowers shorten their loan term |
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Not every refinance is about lowering your monthly payment. Sometimes the smarter move is to pay it down faster.
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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 paying more upfront saves you money
A lot of people think refinancing only makes sense if rates drop significantly. But there's another reason to refinance that doesn't get talked about as much: shortening your loan term. If you've built equity and your financial situation has stabilized, moving from a 30-year loan to a 15-year mortgage can actually be smarter than it sounds—even if your payment goes up a bit month-to-month. You're paying less interest overall and building ownership much faster. The math isn't always obvious, which is why it's worth running the numbers. I can show you exactly what a shorter term would look like for your situation and whether it makes sense right now. Reach out and we can walk through what a term change might mean for your specific loan.
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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
The Bank With Will Team
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