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Mortgage Market Update
My Mortgage Company
Sandra Elliott
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Not every rate change is a signal to refinance. Here's how to know if it's worth exploring.
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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 Fundamentals
When refinancing actually makes sense
I get asked about refinancing all the time, and the answer isn't always yes—even when rates move in your favor. Refinancing makes the most sense when you plan to stay in your home long enough to recoup the costs involved in the process. If your situation has changed—maybe your income is stronger, your credit has improved, or you've built equity—a refinance might lower your payment or shorten your loan term. But if you're thinking about selling or moving in a few years, the math might not work out. The best move is to run the numbers specific to your situation. That's where I come in. Let's talk through whether refinancing is the right next step for you.
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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
Sandra Elliott
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