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Mortgage Market Update
Jake McDonald
Jake McDonald
Tuesday, November 3, 2026
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Is refinancing worth it right now? |
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Hi there. With rates shifting, I've been getting questions about whether people should refinance. Here's what actually matters when you're deciding.
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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 actually makes sense
Refinancing isn't always the right move—even when rates look attractive. The real question is whether the benefit you'd gain over time outweighs the cost of refinancing itself. Some people break even quickly; others need to stay in their home longer for it to pay off. There's also the question of what you're refinancing into: a shorter term, a different loan type, or simply better terms on what you already have. The best move depends entirely on your situation—your timeline, how much equity you've built, and what you're trying to achieve. If you've been wondering whether now is the right time, I'd love to walk through the numbers with you and show you what the math actually says. Let's talk through whether refinancing makes sense for your situation.
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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 Jake McDonald team any time and we'll walk you through your options. |
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