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Mortgage Market Update
My Mortgage Company
Adelina Hanson
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Sometimes I hear from borrowers who wonder if they should refinance. The answer usually starts with understanding your own timeline and what you're trying to achieve.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing can be powerful—but it's not always the right move. The main reason people refinance is to lower their monthly payment, which happens when rates drop or when you switch loan terms. But refinancing costs money upfront, so you want to make sure you'll stay in the home long enough to recoup those costs through savings. Another reason to refinance is to tap into your equity for a big expense, or to shift from an adjustable rate to a fixed one for peace of mind. The key is running the actual numbers with someone who knows your situation. Every borrower's timeline and goals are different, and what works for your neighbor might not work for you. Let's talk through whether refinancing could help 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
Adelina Hanson
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