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Mortgage Market Update
My Mortgage Company
Jon Woodard
Tuesday, November 3, 2026
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Should you be thinking about refinancing? |
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With rates and your home's value always shifting, refinancing becomes relevant at different times for different homeowners. Here's what you need to know.
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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
Should you refinance? Here's what to consider.
Refinancing isn't a one-size-fits-all move, and I want to help you think it through clearly. The main reason people refinance is to lower their monthly payment or shorten their loan term—but there are costs involved, and it only makes sense if the math works for your situation. Other borrowers refinance to tap home equity for a large expense, or to switch from an adjustable rate to a fixed one. The key is comparing what you'd save against the cost of refinancing, and how long you plan to stay in your home. If you've been curious whether it's worth exploring, I'm happy to walk through the numbers with you and show you what options might look like. Let's talk through whether refinancing makes sense for you right now.
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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
Jon Woodard
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