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Mortgage Market Update
Michael Medina
Michael Medina
Tuesday, November 3, 2026
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Should you refinance? Here's how to tell. |
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I get asked about refinancing all the time, and there's no one-size-fits-all answer. Let me break down how to think about it.
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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 makes sense (and when it doesn't)
A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can make real sense if your financial picture has changed—maybe your credit improved, your home gained value, or you want to shorten your loan term. But refinancing isn't free, and it's not automatic that you'll save money just because rates moved. The key is comparing your actual costs and timeline. If you're planning to stay in your home long enough to recoup those costs, it might be worth exploring. If you're on the fence, I'm happy to walk through your numbers with you and be straightforward about whether it pencils out for you personally. Let's talk through whether a refinance 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 Michael Medina team any time and we'll walk you through your options. |
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