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Mortgage Market Update
My Mortgage Company
Julie Gallegos
Tuesday, November 3, 2026
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Should you refinance right now? |
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Hi there. Markets shift, and so do your options as a homeowner. This week I want to walk through one of the most common questions I hear.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the benefit outweighs your costs and timeline. If you're planning to stay in your home for several more years, refinancing might lower your payment or shorten your loan term. But if you're thinking about selling or moving soon, the closing costs may not pay for themselves. Your credit score, current loan balance, and how much equity you've built all factor in too. I'd encourage you to pull together your loan documents and let's talk through the numbers specific to your situation—no obligation, just clarity. Let's look at 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
Julie Gallegos
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