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Mortgage Market Update
Jake McDonald
Jake McDonald
Tuesday, November 3, 2026
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Does refinancing make sense for you right now? |
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Hi there—this week I want to walk you through when refinancing is actually worth it.
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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)
Refinancing isn't always the right move, even when rates shift. The real question is whether the benefit of a lower payment or shorter term outweighs the cost to refinance. If you're planning to stay in your home for a while, it often pencils out. But if you might move or sell in the next couple of years, the math gets trickier. I've also seen homeowners refinance to tap equity for a major expense or consolidate debt—which can work, but it's worth thinking through carefully. The best way to know if refinancing is right for you is to run the actual numbers with someone who knows your specific loan and timeline. If you're curious whether refinancing could help your situation, let's talk it through.
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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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