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Mortgage Market Update
sherry kerr
Sherry Kerr
Tuesday, November 3, 2026
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When should you actually refinance? |
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One of the smartest moves a homeowner can make is knowing when to hold and when to make a change. This week, let's talk about refinancing—and when it's 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 Basics
When does refinancing actually make sense?
I get asked this a lot, and the honest answer is: it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or help you tap into home equity—but it's not automatic that it pays off. The real question is whether the benefit you're after is worth the cost and time of closing another loan. Some people break even in a few months; others take years. That's why I always recommend we run the real numbers for your specific scenario before you decide. There's no one-size-fits-all answer here, and I'd rather spend fifteen minutes talking through your goals than have you guess. Let's talk through 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 sherry kerr team any time and we'll walk you through your options. |
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