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Mortgage Market Update
My Mortgage Company
Kevin Spain
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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One of the most common questions I hear is whether someone should refinance. The answer isn't always yes—but sometimes it's a smart move.
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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 refinancing makes sense (and when it doesn't)
Refinancing means replacing your current mortgage with a new loan. People usually consider it for one of two reasons: to lower their monthly payment or to shorten their loan term. But refinancing isn't free—there are closing costs involved, and it takes time. That's why it only makes sense if the benefit outweighs what you'll pay to make the switch. The right move depends on your situation: where rates stand now versus your current rate, how long you plan to stay in your home, and your financial goals. Some borrowers benefit immediately; others need to stay in the loan longer to break even. I can help you run the actual numbers for your specific scenario—no guesswork required. Reach out if you'd like to explore whether refinancing could work for you.
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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
Kevin Spain
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