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Mortgage Market Update
Bruce Gruys
Bruce Gruys
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Not every rate move means you should refinance. This week, let's look at how to know when it's worth exploring.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop or your situation changes. The real question is whether the benefits outweigh your costs—and that math is different for everyone. Some people refinance to lower their monthly payment, others to shorten their loan term or tap home equity. But if you're staying in your home for only a few more years, or if closing costs eat up your savings quickly, refinancing might work against you. That's why it's worth running the numbers with someone who knows your full picture: your timeline, your goals, and what you're actually paying to make the change. Let's talk through whether refinancing fits your situation 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 Bruce Gruys team any time and we'll walk you through your options. |
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