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Mortgage Market Update
My Mortgage Company
Rosemary Dao
Tuesday, November 3, 2026
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Does refinancing actually pay off? |
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A lot of homeowners wonder if they should refinance, but not everyone should. Here's how to figure out if it's right for you.
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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 Math
When refinancing makes sense (and when it doesn't)
Refinancing sounds great in theory—lower your payment, shorten your term, switch from adjustable to fixed. But it only makes sense if the math actually works for your situation. There are costs involved: appraisal, title work, underwriting fees. If you're planning to sell or move in a few years, those costs might outweigh your savings. The real question isn't whether rates dropped—it's whether you'll stay in the home long enough to break even. I run this calculation for borrowers all the time, and the answer is different for almost everyone. If you're curious whether refinancing could work for you, I'm happy to walk through the numbers with no pressure. Let's talk about whether a refinance makes sense 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
Rosemary Dao
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