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Mortgage Market Update
Kris Rich
Kristen Rich
Tuesday, November 3, 2026
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Does your mortgage still fit your life? |
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Hi—I've been thinking about how people's needs change over time, and how their mortgages often don't change with them. Here's what I mean:
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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 your loan terms work against you
Not all mortgages are built the same way. Some borrowers find themselves locked into terms that made sense at the time but no longer fit their life—whether that's a loan with years left to run, a rate that's drifted out of step with the market, or payments that squeeze the budget harder than they need to. The good news: you have options. Refinancing isn't just about chasing lower rates; it's about reshaping your loan to match where you are now, not where you were when you signed. It might mean shortening your timeline, lowering your payment, or switching from adjustable to fixed terms. The key is understanding what's actually possible for your situation. I'd love to walk through your current loan with you and see if a change makes sense. Let's talk about whether your mortgage is still working 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 Kris Rich team any time and we'll walk you through your options. |
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