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Mortgage Market Update
My Mortgage Company
Lynnette Brown
Tuesday, November 3, 2026
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Does refinancing make sense for you right now? |
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Some weeks bring questions about rates, some bring questions about equity. This week, I'm hearing from folks curious about refinancing—and whether it's worth doing.
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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 or your equity grows. The real question is whether the benefits outweigh the costs and how long you plan to stay in your home. A lower rate sounds great until you factor in closing costs and the time it takes to break even. The math is personal to your situation: your current loan terms, how long you're staying put, and what you owe versus what your home is worth all matter. If you've been wondering whether it's worth exploring, now's a good time to run the numbers together and see if refinancing aligns with your goals. Let's talk through your refinancing options and see if it makes sense 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
Lynnette Brown
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