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Mortgage Market Update
Dave Jenks
Dave Jenks
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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There's a lot of chatter about refinancing when rates move. But it's not a one-size-fits-all decision.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The math depends on how long you plan to stay in your home, what you'd pay in closing costs, and what your current loan terms actually are. Sometimes a rate drop of a half point isn't enough to justify refinancing if you're planning to move in five years. Other times, refinancing into a shorter loan term can save you tens of thousands in interest over time—even if your monthly payment stays the same or rises slightly. The key is running the real numbers specific to your situation, not just reacting to headlines about rates moving. I'm happy to walk through whether refinancing makes sense for you right now. Let's talk through whether refinancing could work in your favor.
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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 Dave Jenks team any time and we'll walk you through your options. |
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