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Mortgage Market Update
My Mortgage Company
Shelly Molina
Tuesday, November 3, 2026
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Should you refinance? Here's how to know. |
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Not every homeowner benefits from refinancing, even in favorable conditions. The key is understanding what would actually work 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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Refinancing Reality
When refinancing actually makes sense
Refinancing isn't always the right move, even when rates look tempting. The real question is whether the benefit outweighs the cost and time commitment. If you're planning to stay in your home long enough to recoup closing costs through lower payments, it's worth exploring. But if you might move or sell in a few years, the math may not work in your favor. The best way to know is to run the numbers with your specific situation — your current loan balance, how long you plan to keep the house, and what your new payment would actually be. I'm happy to walk through the details and show you whether refinancing could genuinely put you ahead. Let's talk through whether a refi makes sense for you.
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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
Shelly Molina
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