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Mortgage Market Update
My Mortgage Company
Joe Gallo
Tuesday, November 3, 2026
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Should you consider refinancing right now? |
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Homeownership decisions don't always have obvious answers. Today I want to walk through one that comes up often—and help you think it through the right way.
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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 refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The real question is whether the benefit you'd gain—lower payments, shorter loan term, or switching loan types—outweighs the costs and time involved. Some borrowers break even quickly; others need years to recoup their expenses. The math depends entirely on your situation: how long you plan to stay, what you owe, and what your goals are. That's why a quick conversation can clarify whether refinancing is worth your time, or whether you're better off staying put. Let's talk through whether refinancing makes sense for your loan.
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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
Joe Gallo
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