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Mortgage Market Update
My Mortgage Company
Eric Benitez
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Refinancing can be a smart move—or a miss. Let's look at what actually matters when deciding whether to do 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
When refinancing makes sense (and when it doesn't)
Refinancing isn't a one-size-fits-all move, and it's worth understanding what actually improves your situation. The math is straightforward: you refinance when the new loan terms save you money over time—whether that's a lower rate, a shorter timeline, or switching from adjustable to fixed. But refinancing comes with costs, and those costs need to be worth what you'll save. Some borrowers benefit in months; others need years to break even. The right decision depends on your timeline, how long you plan to stay in your home, and what you're trying to achieve. I'm happy to walk through your numbers and show you whether a refinance pencils out for your specific situation. Let's talk through whether refinancing could work 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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