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Mortgage Market Update
My Mortgage Company
Patrick's Business
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Not all refinances are created equal. Let's look at what actually matters when deciding whether to make a move.
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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 does it make sense to refinance your loan?
Refinancing isn't a one-size-fits-all decision, and it's not just about chasing lower rates. The real question is whether the monthly savings (or other benefit you're after) justify the cost and time involved in refinancing. Maybe you want to shorten your loan term, switch from an adjustable to a fixed rate for peace of mind, tap into your home's equity, or change your loan type. Each scenario has different math behind it. The best move depends on your goals right now, how long you plan to stay in your home, and what's actually available to you. I'm happy to walk through the numbers and help you see whether refinancing makes sense for your situation. Reach out and 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
Patrick's Business
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