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Mortgage Market Update
Mark Succarotte
The Succarotte Team
Tuesday, November 3, 2026
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Does refinancing fit your goals right now? |
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I get asked about refinancing often, and it's a smart question to ask. Here's what you should know before deciding if it's right for you.
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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 refinancing makes sense for your situation
Refinancing isn't just about chasing lower rates—though that's one reason people do it. You might refinance to shorten your loan term, switch from adjustable to fixed, tap into your home's equity, or lower your monthly payment when life circumstances change. The catch is that refinancing has costs, so the math only works if the benefit outweighs what you'll pay upfront. The best move depends on your timeline, how much equity you have, and what you're trying to accomplish. If you've been wondering whether refinancing could work for you, I'm happy to walk through the numbers with no pressure. Let's talk about whether refinancing makes sense in 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 Mark Succarotte team any time and we'll walk you through your options. |
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