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Mortgage Market Update
My Mortgage Company
Shelby Byington
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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I get asked about refinancing regularly, and it's a smart question to ask. But the right answer depends entirely on your circumstances.
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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 Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The math depends on how long you plan to stay in your home, what your current loan costs, and whether a new loan would save you money over time once closing costs are factored in. Some borrowers refinance to lower their rate or shorten their loan term. Others use it to access home equity or change loan type. The key is understanding your own timeline and goals before you apply. I'd be happy to walk through what refinancing could look like in your situation—no obligation—so you can decide if it's worth exploring right now. Reach out if you'd like to talk through whether refinancing could work for you.
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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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