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Mortgage Market Update
My Mortgage Company
Patrick's Business
Tuesday, November 3, 2026
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Is refinancing worth it for you? |
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Refinancing gets a lot of attention, but not every homeowner should do it. Here's how to figure out if it's right for you.
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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 actually makes sense
Refinancing isn't always the right move—even when rates drop or your situation changes. The real question is whether the benefit you'd gain is worth the cost and effort of starting a new loan. Some borrowers refinance to lower their monthly payment, others to shorten their loan term or tap equity for a major expense. The catch is that refinancing takes time and has costs attached, so you want to make sure the math actually works in your favor before you apply. If you've been wondering whether now is the time, I'd love to walk through your specific situation and show you what the numbers would look like. There's no obligation—just clarity on whether it makes sense for you. Let's chat about whether refinancing could work for your goals.
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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
Patrick's Business
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