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Mortgage Market Update
My Mortgage Company
Julie Gallegos
Tuesday, November 3, 2026
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Should you refinance? Here's how to tell |
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Hi there. This week I want to tackle a question I hear often: is now the right time to refinance my mortgage?
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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)
A lot of homeowners think about refinancing when rates drop, but the real question is whether it pencils out for your specific situation. Refinancing isn't free—there are closing costs and a new loan timeline to consider. The benefit has to be big enough and your timeline long enough to make those upfront costs worth it. Sometimes staying put is the smarter move, even if rates look better. That's why it pays to run the actual numbers before you decide. If you've been wondering whether refinancing could work for you, I can walk through what it would look like and whether it makes financial sense. No obligation, just clarity so you can make the right call for your home and budget. Let's talk through your refinancing options—reach out and we can run some scenarios together.
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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
Julie Gallegos
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