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Mortgage Market Update
My Mortgage Company
Gary Wright — Gary Wright
Wednesday, November 4, 2026
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Should you refinance? Here's how to tell. |
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Some weeks I get the same question from multiple borrowers: is it time to refinance? The answer depends on your specific situation, not just the interest rate environment.
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National Mortgage Rates · November 3, 2026
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Conventional 30-Year
7.17%
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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 (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the benefit you'll receive outweighs the cost and time involved in getting a new loan. Some borrowers benefit from lower payments, shorter loan terms, or switching from an adjustable rate to a fixed one. Others find that closing costs and the time to break even don't justify the switch. The math is different for everyone—it depends on your loan balance, how long you plan to stay in the home, and what's happening with rates. If you've been wondering whether now is your moment, I'd love to run the numbers with you and show you exactly what refinancing could (or couldn't) do for your situation. Let's talk through 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
Gary Wright — Gary Wright
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