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Mortgage Market Update
My Mortgage Company
Shelby Byington
Tuesday, November 3, 2026
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When refinancing actually makes sense |
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Hi there. This week I want to walk through a question I hear pretty often: is refinancing worth 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 Basics
When does it make sense to refinance?
Refinancing isn't one-size-fits-all. Some people refinance to lower their monthly payment when rates drop. Others tap equity for home improvements or debt consolidation. Still others shorten their loan term to pay off faster. The key is understanding your own financial picture—your current rate, how long you plan to stay, and what you're trying to accomplish. It's worth a conversation to see if refinancing aligns with your goals, or if staying put makes more sense. That's where I come in. I can walk through the numbers with you and help you see what's actually possible. Let's talk about 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 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
Shelby Byington
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