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Mortgage Market Update
My Mortgage Company
Samuel Karengi
Tuesday, November 3, 2026
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Does it make sense to refinance your loan? |
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Not every financial move is right for every homeowner. This week, I want to help you think through one of the biggest decisions borrowers face: whether to refinance.
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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 Strategy
Should you refinance? Here's how to decide.
Refinancing isn't a one-size-fits-all move. It makes sense for some borrowers in some situations—but not all. The key is knowing whether the numbers work for your specific loan and timeline. If rates have dropped meaningfully since you closed, or if your credit has improved and you qualify for better terms, refinancing might lower your long-term costs. But there are closing costs involved, and it takes time to recoup them. I help borrowers run the math: how long you plan to stay in the home, what your new payment would be, and when you'd actually break even. Sometimes the answer is yes. Sometimes it's no. Either way, you deserve clarity before you commit. Let's talk through whether refinancing makes sense for you right now.
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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
Samuel Karengi
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