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Mortgage Market Update
Gavin Lomas
Gavin Lomas
Tuesday, November 3, 2026
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Refinancing: three reasons people do it |
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Hi there. This week I want to share some thoughts on refinancing and help you figure out if it's worth exploring for your situation.
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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 financial sense
Refinancing isn't just about chasing lower rates—it's a financial tool that works best when the math actually works for you. Some of my clients refinance to shorten their loan term, others to tap equity for home improvements or consolidate debt, and some simply to lock in more stability. The key is understanding your own situation: how long you plan to stay in the home, what your closing costs will be, and whether the benefit outweighs what you'll pay upfront. If you've been thinking about refinancing but aren't sure whether it's right for you, I'd be happy to walk through the numbers with your specific loan and goals in mind. Let's talk about 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 Gavin Lomas team any time and we'll walk you through your options. |
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