Mortgage Market Update

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Tuesday, November 3, 2026

Should you refinance your mortgage?

There's a lot of noise around refinancing. Let me cut through it and help you figure out if it's actually the right move for your situation.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Refinancing Basics

When refinancing makes sense (and when it doesn't)

Refinancing isn't a one-size-fits-all move, and it's worth understanding what actually changes when you do it. The appeal is real: if rates have shifted or your situation has improved, refinancing can lower your payment, shorten your loan term, or help you tap into equity. But there are costs involved, and the math only works if you'll stay in the home long enough to recoup them.

The key is knowing your own timeline and goals. Are you planning to stay put? Do you want to pay off the loan sooner, or are you focused on monthly relief? These questions matter more than chasing rates alone. I'm happy to walk through whether a refinance makes sense for you right now.

Let's talk through your refinance options and see if the timing is right.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

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