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Mortgage Market Update
My Mortgage Company
Haymaker Home Loans
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Refinancing gets a lot of buzz, but it's not the right move for everyone. This week I'm breaking down when it actually pencils out.
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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 a one-size-fits-all move—it works for some borrowers and not others, depending on your situation. The main reason people refinance is to lower their monthly payment, but there are others: shortening your loan term, switching from adjustable to fixed, or tapping equity for a large expense. The catch is that refinancing involves closing costs, so you need to stay in your home long enough for the monthly savings to outweigh those upfront expenses. That break-even point varies based on rates, your loan balance, and how much you're borrowing. I always recommend running the actual numbers before deciding. If you're wondering whether a refi makes sense for your home and your goals, let's talk through it together. Reach out and we can look at your loan details to see if 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
Haymaker Home Loans
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