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Mortgage Market Update
My Mortgage Company
Eric Smith
Tuesday, November 3, 2026
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Does refinancing make sense for you right now? |
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Sometimes the smartest financial move is staying where you are. Here's how to know the difference.
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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 Math
When does refinancing actually make sense?
Refinancing isn't about chasing the lowest rate—it's about whether the move pencils out for your situation. Your current loan, how long you plan to stay in your home, closing costs, and your new rate all factor in. Sometimes refinancing saves you real money over time. Other times, you're better off staying put. The honest answer depends on the details of your loan, not just what rates are doing this week. I'd rather help you think through the actual numbers than encourage a move that doesn't serve you. If you've been wondering whether a refinance makes sense, let's talk through it together. Reach out if you'd like to run the numbers on your specific loan.
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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
Eric Smith
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