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Tuesday, November 3, 2026 |
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Mortgage Market Update
Should you refinance your mortgage?
Refinancing is one of the most misunderstood money moves for homeowners. Let's clear up when it's actually worth doing.
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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 (and when it doesn't)
Refinancing sounds simple—replace your old loan with a new one at better terms. But the math only works if the long-term benefit outweighs what you'll pay to set up that new loan. Some borrowers see a lower rate and jump, only to realize they've reset their payoff clock or paid more in fees than they'll save. The right move depends on how long you plan to stay in your home, what your current loan looks like, and where rates are heading. It's not a one-size decision. If you've wondered whether refinancing could work for you, I'd like to walk through the real numbers—not guesses. Let's talk about what actually pencils out in your situation. Reach out if you'd like to explore whether a refinance makes sense for you.
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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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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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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 Jon Puente team any time and we'll walk you through your options.
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5860 Baker Road, Minnetonka, MN, 55345
269-599-3395
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