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Mortgage Market Update
My Mortgage Company
Elisa Ryken
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Refinancing gets a lot of attention, but it's not always the right move. This week, I'm breaking down what actually matters when you're deciding.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't a one-size-fits-all move. It can lower your monthly payment, shorten your loan term, or switch from adjustable to fixed rates—but only if the math works for your situation. The real question isn't whether rates have moved, but whether a new loan saves you money over the time you plan to stay in your home. Some borrowers break even in months; others take years. That's why it's worth a real conversation about your specific numbers—not just a general rate comparison. I can walk through the actual costs and benefits for your loan and timeline. 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 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
Elisa Ryken
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