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Mortgage Market Update
My Mortgage Company
Sandra Elliott
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Hi there—I wanted to share something that comes up a lot in conversations with homeowners like you. The decision to refinance is less about the numbers alone and more about your big-picture plans.
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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 does refinancing actually make sense?
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates have dropped—it's whether the long-term benefit outweighs your costs and your timeline. If you're planning to stay in your home for several more years, refinancing might strengthen your financial position. But if you're thinking about selling or moving within a few years, the math often doesn't work in your favor. The best time to explore this is when you have clarity on your plans and when you're curious enough to run the numbers with someone who knows your situation. I'd be happy to help you think through whether it makes sense for you right now. Let's talk through your specific situation and see if a refinance could work 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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