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Mortgage Market Update
Mark Succarotte
The Succarotte Team
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I want to talk about one of the most common questions homeowners ask me: whether it's the right time to refinance.
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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
Is refinancing worth it right now?
Refinancing means taking out a new loan to pay off your existing mortgage. People refinance for different reasons: to lower their monthly payment if rates have dropped, to shorten their loan term and build equity faster, or to tap into home equity for major expenses. The catch is that refinancing involves closing costs, so it only makes sense if the savings outweigh what you'll pay upfront. The math depends on how long you plan to stay in your home and where rates are when you're considering the move. If you're curious whether refinancing could work for your situation, I'm happy to walk through the numbers with you—no obligation. Reach out anytime if you'd like to explore whether refinancing makes sense for your 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 Mark Succarotte team any time and we'll walk you through your options. |
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