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Mortgage Market Update
My Mortgage Company
Adam Felkey
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 tackle a question I hear often: when is refinancing actually worth doing?
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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 refinancing actually make sense?
Refinancing can be a smart move, but it's not right for everyone or every situation. The real question isn't whether rates dropped—it's whether the numbers work for your specific loan, timeline, and goals. A lower rate sounds great until you factor in closing costs and how long you plan to stay in your home. Sometimes a small rate improvement doesn't pencil out. Other times, even modest savings add up over years. The only way to know is to look at your actual numbers: your current loan balance, how long you'll keep the home, and what the new loan would cost. That's where clarity replaces guesswork. I'd be happy to walk through the math with you and show you whether refinancing could benefit your situation. Let's talk through whether refinancing makes sense 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
Adam Felkey
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