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Mortgage Market Update
My Mortgage Company
Lexi Blackwell
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Hi there—this week I want to talk about one of the most common questions I hear: should I refinance? The honest answer depends on your goals and timeline, not just interest rates.
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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 always the right move, even when rates drop or your situation changes. The real question is whether the benefit outweighs the cost and effort involved. Some borrowers benefit from lower payments or shorter loan terms. Others do better staying put—especially if they're close to paying off their current loan or planning to move soon. The key is looking at your specific numbers: how much you'd save each month, how long you'd stay in the home, and what the refinance would actually cost upfront. I'm happy to walk through the math with you and help you see whether it makes sense for your situation. Let's talk through whether a refinance 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
Lexi Blackwell
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