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Mortgage Market Update
Barrett Financial
Barrett Financial
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Hi there. This week I want to talk about one of the most common questions I get from homeowners who have been in their mortgage for a few years.
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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 Basics
Should you refinance? Here's how to know.
Refinancing isn't right for everyone, but it's worth understanding when it might make sense. The main reason people refinance is to lower their monthly payment—either because rates have dropped or because they've built equity and can borrow on better terms. But there are costs involved in refinancing, so you want to be clear about your timeline and goals before you start. If you're planning to stay in your home long enough to recoup those costs through savings, it could be a smart move. The best way to know is to run the numbers with someone who knows your situation. I'm happy to walk through the math with you and show you what a refinance could look like. Reach out if you'd like to explore whether refinancing makes sense for your home and finances.
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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 Barrett Financial team any time and we'll walk you through your options. |
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