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Mortgage Market Update
My Mortgage Company
Felipe Aguila
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Sometimes the best financial move is doing nothing. Other times, it's worth taking action. This week, let's look at when refinancing actually pencils out.
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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 make sense?
I talk to homeowners all the time who wonder if they should refinance. The honest answer is: it depends. Refinancing makes the most sense when your financial situation has genuinely improved—better credit, more equity, or a meaningful change in rates or loan terms. But refinancing isn't free. There are costs involved, and it takes time to recoup them. That's why it's worth doing the math first: How long do you plan to stay in the home? What would your new payment look like? How do the closing costs factor in? I've seen borrowers save thousands by refinancing at the right moment, and I've also seen borrowers avoid a costly mistake by doing the math upfront. If you've been thinking about it, let's talk through your specific numbers and see if it makes sense for you. Reach out and we can run a quick refinance analysis together.
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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
Felipe Aguila
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