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Mortgage Market Update
My Mortgage Company
Pre-Fi
Tuesday, November 3, 2026
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Refinancing isn't just about lower rates |
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Hi there. I get asked about refinancing all the time, and I've noticed people often think it's only worth doing in certain conditions. Let me clear that up.
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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
When refinancing actually makes sense
A lot of people think refinancing is only worth it if rates drop significantly. The truth is more nuanced. Refinancing can make sense for reasons beyond chasing lower rates — maybe you want to shorten your loan term, switch from an adjustable to a fixed rate, or tap into your home's equity for a major expense. The key is running the real numbers: how long you plan to stay in the home, what the new payment would be, and what you'd pay in closing costs. Sometimes the break-even point is closer than you'd think. If you're wondering whether it's worth a conversation, I'd love to walk through your situation with you. Let's talk about whether refinancing could work for your goals.
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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
Pre-Fi
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