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Mortgage Market Update
Hardeep Rai
Hardeep Rai
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there. This week I'm looking at one of the most common questions I hear: when is refinancing actually worth it?
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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
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates have dropped—it's whether the benefits of a new loan outweigh the costs of closing it. Some borrowers refinance to lower their payment, others to shorten their loan term or switch from adjustable to fixed. But each scenario has different math behind it. The best time to refinance is when your situation has genuinely changed: your credit improved, rates moved enough to matter to your goals, or you're ready to build equity faster. I'd be happy to walk through whether refinancing makes sense for where you are right now. Let's talk through whether refinancing fits your plan.
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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 Hardeep Rai team any time and we'll walk you through your options. |
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