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Mortgage Market Update
My Mortgage Company
Keith Scott Mackey
Tuesday, November 3, 2026
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Should you refinance? It depends. |
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Rates move, and when they do, refinancing gets tempting. But the right choice depends on your individual situation, not just the headlines.
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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 real question isn't whether rates dropped—it's whether the numbers work for your specific situation. You'll want to think about how long you plan to stay in your home, what your current loan costs, and what new terms you'd qualify for. Sometimes a refinance saves you real money over time. Other times, closing costs and the reset timeline mean you'd come out ahead by staying put. I help clients run the actual math instead of chasing every rate bump. The answer is different for everyone, and that's exactly why it's worth a conversation before you decide. Let's look at your loan together and see what makes sense for you. Reach out and we can walk through whether refinancing fits your plan 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
Keith Scott Mackey
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