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Mortgage Market Update
Bruce Gruys
Bruce Gruys
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Hi there. I wanted to touch base on refinancing this week—when it's a smart move and when it might not be.
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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 for your situation
Refinancing isn't a one-size-fits-all move—it works best when your goals align with the real costs involved. Some borrowers refinance to lower their monthly payment, others to shorten their loan term or tap into home equity. The trade-off is that you're essentially taking out a new loan, which means closing costs and a new timeline to break even. That's why it pays to do the math on your specific situation before moving forward. If you've been in your home for a while, had a major life change, or noticed rates shifting in a direction that interests you, it might be worth a conversation. I'm here to walk through whether it makes sense for you. Let's talk through your refinancing options and what the numbers would actually look like.
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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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