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Mortgage Market Update
My Mortgage Company
Eric Benitez
Tuesday, November 3, 2026
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Should you refinance right now? |
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Hi there — I wanted to touch base this week about a question I hear often: when does it actually make sense to refinance? Let me share what matters most.
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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 actually makes sense
I talk to a lot of homeowners who wonder if they should refinance, and honestly, the answer depends on your specific situation — not just the headlines you see. Refinancing can lower your monthly payment, shorten your loan term, or help you tap equity for a big project. But there are costs involved, and it only pencils out if the math works for your timeline and goals. The key is looking at your whole picture: how long you plan to stay in the home, what your current rate and term look like, and whether the benefit outweighs the cost to get there. I'd love to run the numbers with you and see if a refinance makes sense right now. Let's talk through whether refinancing is worth it for you.
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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
Eric Benitez
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