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Mortgage Market Update
My Mortgage Company
Peter Alongi
Tuesday, November 3, 2026
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Does refinancing make sense for your home? |
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Not every homeowner should refinance, but some should. Here's how to tell which camp you're in.
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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 isn't always the right move, even when rates look attractive. The real question is whether the benefit you'd gain outweighs what you'd spend to refinance. Some people refinance to lower their rate or shorten their loan term. Others do it to tap into home equity or switch from an adjustable to a fixed rate. But there are closing costs involved, and it takes time to recoup them through monthly savings. The math depends on your situation: how long you plan to stay in the home, what your current loan looks like, and what's available to you today. There's no one-size-fits-all answer, which is exactly why it's worth talking through. I'd be happy to run the numbers with you and show you whether refinancing could actually benefit your situation. Let's talk about whether refinancing makes sense for you right now.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Peter Alongi
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