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Mortgage Market Update
Michael King
Michael King
Tuesday, November 3, 2026
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Should you refinance right now? |
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Hi there. This week I want to touch on a question I hear often: when is the right time to refinance your mortgage?
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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 does it make sense to refinance?
Refinancing isn't one-size-fits-all, and the right move depends on your specific situation. Some borrowers refinance to lower their rate and reduce monthly payments. Others use it to tap into home equity for a major expense, switch from an adjustable to a fixed rate, or shorten their loan term to pay off the house faster. The key is understanding what you're trying to accomplish and whether the costs align with the benefit. I work with borrowers every week who are surprised by how many options they actually have. If you're wondering whether refinancing could work for you, I'm happy to walk through the numbers without any pressure.
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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 Michael King team any time and we'll walk you through your options. |
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619-944-1137 | https://www.barrettfinancial.com/michael-king
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