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Mortgage Market Update
My Mortgage Company
Paige Bowman
Tuesday, November 3, 2026
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Should you refinance? Here's how to tell. |
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Refinancing gets a lot of attention, but it's not one-size-fits-all. Let me walk you through how to think about it for your situation.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The math depends on your loan balance, how long you plan to stay in your home, and what you'd pay in closing costs. Some folks refinance to lower their rate or shorten their term. Others tap equity for a major expense or consolidate debt. The key is understanding your own situation—not just chasing a lower number on paper. That's where running the numbers with a loan officer makes a real difference. We can show you whether a refinance actually saves you money over time, or whether your current loan is already working well for you. Let's talk through whether refinancing fits your goals 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
Paige Bowman
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