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Mortgage Market Update
Jon Sanderson
Jon Sanderson
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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One of the most common questions I hear is whether someone should refinance. The answer isn't always yes—even when rates move in a favorable direction.
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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 makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question isn't whether rates dropped—it's whether the long-term benefit outweighs what you'll spend to refinance. Some people break even in a few months. Others take years. It depends on your loan balance, how long you plan to stay in your home, and what costs come with the new loan. I've seen borrowers save thousands by refinancing, and I've also steered people away from it when the math didn't work. The honest answer is different for everyone. If you've been wondering whether it's worth exploring, I'm happy to run the numbers with you—no pressure, just clarity. Reach out if you'd like me to walk through whether refinancing could work 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 Jon Sanderson team any time and we'll walk you through your options. |
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