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Mortgage Market Update
My Mortgage Company
Chad Pennington — Lindsey Pennington
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there—this week I want to tackle a question I hear a lot: when is refinancing worth it? Let me break it down for you.
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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 refinancing actually make sense?
Refinancing isn't always the right move, even when rates look good. The real question is whether your new loan will save you money over the time you plan to stay in your home—accounting for closing costs, your current loan balance, and how many years remain on your mortgage. Some borrowers benefit immediately; others need to stay in the refinance for a while before they break even. I help people run these numbers because the math matters more than the rate alone. If you've been wondering whether now is your moment to refinance, let's talk through your actual situation and see if it pencils out for you. Reach out if you'd like me to walk through your refinancing scenario.
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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
Chad Pennington — Lindsey Pennington
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