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Mortgage Market Update
My Mortgage Company
Andrea WIlson — Andrea WIlson
Tuesday, November 3, 2026
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Should you refinance? Here's how to know |
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Hi—I've had a few calls this week from homeowners wondering if now's a good time to refinance. The answer isn't always yes, and I want to walk you through how to think about it.
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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 isn't right for everyone, and it's not always the right time—even when rates look attractive. The real question is whether the monthly savings justify the upfront costs and the reset timeline on your loan. Some people benefit immediately; others need to stay in their home a certain number of years to break even. It depends on your current loan, how long you plan to stay, and what you're trying to accomplish. Maybe you want a lower payment, or maybe you're looking to tap equity for a big project. The goal matters. I'd rather spend 20 minutes with you understanding your situation than have you guess. Let's talk through whether refinancing could work for your goals.
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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
Andrea WIlson — Andrea WIlson
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