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Mortgage Market Update
My Mortgage Company
Michael DeLeonardis
Tuesday, November 3, 2026
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Does refinancing actually make sense for you? |
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Not every rate move means you should refinance your mortgage. This week, I'm breaking down how to know the difference.
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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
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates dropped—it's whether the math actually works for your situation. You'll want to think about how long you plan to stay in your home, what your current loan terms are, and how a new loan would change your monthly payment and total interest. Sometimes a rate change is too small to justify the cost of refinancing. Sometimes it's perfect timing. The only way to know is to run the numbers with someone who knows your full picture. I'm here to walk through the specifics whenever you're ready. Let's talk through whether refinancing could work 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
Michael DeLeonardis
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