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Mortgage Market Update
My Mortgage Company
Jeffrey Diaz
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Rate changes happen all the time, but they don't automatically mean refinancing is right for you. Here's how to think about 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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates dropped—it's whether the new loan actually improves your financial picture. Refinancing costs money upfront, so you need to weigh those against how long you plan to stay in the home and how much your payment or term would actually change. Sometimes a refinance pencils out in months. Sometimes it takes years. And sometimes the math just doesn't work, and that's okay. The best decision is the one based on your actual numbers, not a generic rate alert. I'd be happy to run the numbers for your specific situation and show you whether refinancing would move the needle for you. Let's talk through whether refinancing makes sense for your home and timeline.
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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
Jeffrey Diaz
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