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Mortgage Market Update
My Mortgage Company
Ares Mortgage
Tuesday, November 3, 2026
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Is refinancing worth it for you right now? |
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Most homeowners think about refinancing only once in a while—usually when they hear rates have dropped. But there's more to the story than rate moves alone.
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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 Readiness
When does it make sense to refinance?
A lot of people think refinancing only makes sense if rates drop dramatically. But there are actually several reasons to consider it beyond just chasing a lower rate. Maybe your credit has improved since you first borrowed, or you want to shorten your loan term, or you're looking to tap into home equity for a major expense. Some people refinance to switch from an adjustable rate to a fixed one for peace of mind. The key is understanding what you're trying to accomplish and whether the math works for your situation. If you've been wondering whether a refinance might be right for you, I'd love to walk through the numbers together. Let's talk about whether refinancing makes sense for your home and finances.
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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
Ares Mortgage
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