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Mortgage Market Update
Brett Stratton
Barrett Financial Group
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I'm walking through one of the most common questions I hear—and one where the right answer depends entirely on your own timeline and goals.
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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)
Refinancing sounds straightforward until you sit down with the numbers. The truth is, it only makes sense if the long-term benefit outweighs the cost of getting a new loan. That might mean a lower rate, a shorter loan term, or switching from an adjustable to a fixed rate—but it has to pencil out for your specific situation. The break-even point differs for everyone depending on how long you plan to stay in your home and what fees are involved. I've seen borrowers save thousands over time, and I've also steered people away from refinancing when it wouldn't actually help them. The best move is to run the actual math on your scenario before deciding.
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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 Brett Stratton team any time and we'll walk you through your options. |
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2701 East Insight Way suite 150, Chandler, AZ 85286
+1 214-709-1484 | https://brettstratton.theradcrm.com/homepage
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