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Mortgage Market Update
My Mortgage Company
Brian Klotz
Tuesday, November 3, 2026
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Does it really make sense to refinance? |
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One of the most common questions I hear is whether someone should refinance. The answer isn't always yes—even when rates move in your favor.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question is whether the benefit outweighs your costs and how long you plan to stay in the home. Some people refinance to lower their rate, others to tap equity or change their loan term. But there are closing costs involved, and it takes time to recoup them through monthly savings. I talk to homeowners all the time who thought refinancing was a no-brainer, then realized the math didn't work for their situation. The smartest move is to run the actual numbers for your specific loan and timeline—not just chase a rate drop. If you're wondering whether it makes sense for you, let's sit down and look at the real picture. Reach out if you'd like to explore whether refinancing could work in your favor right now.
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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
Brian Klotz
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