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Mortgage Market Update
My Mortgage Company
Charles Skinner — Charles Skinner
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Refinancing is one of the smartest tools available to homeowners—but it's not right for everyone. Here's how to know if it's worth exploring.
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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 refinancing makes sense for your situation
Refinancing isn't always the right move—it depends on your loan type, how long you plan to stay in your home, and what you're trying to accomplish. Some borrowers refinance to lower their rate and monthly payment. Others tap equity to fund a project or consolidate debt. And some switch loan types to get out of an ARM or adjust their timeline. The key is understanding your own goals first. Every refinance involves closing costs and a new application process, so it's worth doing the math to see if the benefit outweighs the cost in your case. If you're curious whether refinancing could work for you, I'm happy to walk through the numbers and options. Reach out if you'd like to explore whether refinancing fits your goals right now.
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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
Charles Skinner — Charles Skinner
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