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Mortgage Market Update
My Mortgage Company
Jessica Diego
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about refinancing—what it is, why people consider it, and how to know if it's the right move for you.
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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 actually makes sense
I get asked about refinancing all the time, and the answer really comes down to your personal situation. The idea of lowering your payment or shortening your loan term sounds great, but refinancing involves closing costs and a new application process—so it only makes sense if the math works for your timeline and goals. Maybe you're thinking about it because rates have moved, or you've built equity, or your credit has improved. Those are all legitimate reasons to take a look. The key is figuring out whether the long-term benefit outweighs what you'll pay upfront. Every situation is different, and that's exactly why it's worth a conversation. I'm happy to run the numbers and show you 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
Jessica Diego
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