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Mortgage Market Update
My Mortgage Company
Affluent Mortgage LLC
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Hi there. As rates and your situation change, the mortgage that made sense two years ago might not be the best fit today.
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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 does it make sense to refinance?
Refinancing isn't a one-size-fits-all move. Some borrowers benefit from it; others find the timing or their situation just doesn't line up. The main reasons people refinance are to lower their monthly payment, shorten their loan term, tap into home equity, or switch from an adjustable to a fixed rate. But there are costs involved, and it only makes financial sense if the benefit outweighs those costs over the time you plan to stay in your home. If you've built equity, your credit has improved, or rates have shifted in your favor since you first borrowed, it might be worth exploring. The best way to know is to run the real numbers with someone who can see your whole picture. I'm happy to walk through whether refinancing could work for you. Let's talk through your refinancing options — no obligation to move forward.
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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
Affluent Mortgage LLC
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