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Mortgage Market Update
My Mortgage Company
Rob Gallagher
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Hi there. I've had a few people ask me lately whether now is a good time to refinance. The answer depends entirely on your goals and circumstances.
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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
Should you refinance? Here's how to tell.
A lot of people wait for the perfect moment to refinance—but the truth is, there's rarely one magic number. What matters is understanding your own situation: how long you plan to stay in your home, what your current loan looks like, and what refinancing would actually cost versus what you'd save. Some people benefit right away. Others need to wait. The only way to know is to look at the real numbers side by side. That's where I come in. I can walk you through what a refinance would mean for your monthly payment, your loan term, and your total interest over time—no guessing required. Let's talk through whether refinancing makes sense for your specific situation.
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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
Rob Gallagher
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