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Mortgage Market Update
My Mortgage Company
Pete Green
Tuesday, November 3, 2026
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Should you refinance? Here's how to know. |
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I get asked pretty often whether someone should refinance their mortgage. The answer depends on a lot more than just the rate.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates shift. The real question is whether the benefits over time outweigh the costs and effort involved. Some people refinance to lower their rate or payment, others to shorten their loan term or tap into equity for a major expense. The key is running the actual numbers for your specific situation—not just chasing a rate you saw online. I help borrowers figure out whether refinancing makes financial sense for them, and just as importantly, when it makes sense to leave things alone. If you've been wondering whether it's worth exploring, I'm happy to walk through what a refinance would look like for you. Let me know if you'd like to explore whether refinancing could work for your situation.
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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
Pete Green
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