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Mortgage Market Update
My Mortgage Company
Lonnie Knob
Tuesday, November 3, 2026
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Should you refinance? The real answer |
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One of the most common questions I hear is whether it's time to refinance. The answer depends on your specific circumstances, not just what interest rates are doing.
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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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Refinance Readiness
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the long-term benefit outweighs the upfront cost and the reset of your loan timeline. If you've built equity, have decent credit, and plan to stay in your home, refinancing might lower your payment or shorten your term. But if you're thinking about selling in a few years, the math might not work in your favor. I help borrowers run the actual numbers—not just dream about lower payments. The break-even point matters more than the rate alone. Let's talk through whether a refi 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
Lonnie Knob
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