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Mortgage Market Update
Derek Niday
The Niday Lending Team
Tuesday, November 3, 2026
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When should you actually refinance? |
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Rates move, and when they do, refinancing gets a lot of attention. But the real answer to whether you should refinance is more nuanced than just looking at the numbers.
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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 have changed—it's whether a new loan actually improves your situation. That means looking at how long you plan to stay in your home, what your new payment and loan term would be, and whether the benefits outweigh the costs of refinancing. Sometimes keeping your current loan is the smartest choice. I help borrowers run these numbers honestly so they can make decisions based on their actual circumstances, not on what looks good on paper. If you've been wondering whether refinancing is worth exploring, I'd like to walk through the specifics with you. Let's talk through whether refinancing makes sense for your situation.
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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 Derek Niday team any time and we'll walk you through your options. |
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