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Mortgage Market Update
My Mortgage Company
Stacey Elshehaby
Tuesday, November 3, 2026
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Should you refinance? Here's how to decide. |
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Hi there. This week I want to walk you through one of the biggest decisions homeowners face—and help you think it through clearly.
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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 does refinancing actually pay off?
A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your timeline and goals. If rates drop and you plan to stay in your home for several more years, refinancing might lower your monthly payment or help you pay off the loan faster. But if you're thinking of selling soon, the closing costs may not be worth it. The key is understanding your break-even point—when the savings from a lower rate outweigh what you'll pay upfront. Some people refinance to cash out equity for renovations or debt payoff, which is a different calculation altogether. There's no one-size-fits-all answer, which is why it's worth talking through your specific situation. Let's look at 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
Stacey Elshehaby
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