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Mortgage Market Update
My Mortgage Company
The Bank With Will Team
Tuesday, November 3, 2026
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Does refinancing make sense for your home? |
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Hi there. This week I want to walk through one of the most common questions I hear: when should you actually consider refinancing?
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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
When does it actually make sense to refinance?
Refinancing isn't always the right move, even when rates drop or your situation changes. The real question is whether the benefit you'd gain over time outweighs the cost of refinancing. This depends on how long you plan to stay in your home, what you'd pay in closing costs, and how much your payment or loan terms would actually improve. Sometimes keeping your current loan is the smarter choice—and I think you deserve to know which side of that equation you're on before making a decision. If you're wondering whether refinancing makes sense for you right now, let's run the numbers together.
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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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