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Mortgage Market Update
Marc Hayes
Marc Hayes
Tuesday, November 3, 2026
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When refinancing actually pays off |
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One of the most common questions I get is whether someone should refinance their mortgage. Let me walk you through how to think about it.
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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 Strategy
When refinancing makes sense (and when it doesn't)
I talk to homeowners all the time who wonder whether refinancing is worth the effort. The truth is, it depends on your specific situation—there's no one-size-fits-all answer. The main things I look at are how long you plan to stay in your home, what your current loan terms are, and where rates stand relative to your rate. Refinancing isn't free, so it only makes financial sense if the benefits outweigh the costs and you'll be in the home long enough to recoup them. Sometimes refinancing is a no-brainer; other times, keeping what you have is the smarter move. I'd be happy to run the numbers for you and help you figure out which camp you fall into. Let's talk through whether refinancing could work in your favor.
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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 Marc Hayes team any time and we'll walk you through your options. |
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