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Mortgage Market Update
My Mortgage Company
Jackson Murphy
Tuesday, November 3, 2026
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Does refinancing make sense for you? |
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Hi there. This week I want to tackle a question I hear a lot: should I refinance? The answer depends on your specific situation, and it's worth getting clear on before you move forward.
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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 (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the benefit you'd gain over time outweighs the cost of closing the new loan. Some people refinance to lower their rate or shorten their timeline. Others tap equity for a major expense or consolidate debt. The catch: you need to stay in the home long enough for those savings to add up. I've seen borrowers do the math and realize keeping their current loan was smarter. That's not a failure—that's wisdom. The best refinance is one that actually improves your financial picture, not just looks good on paper. If you're wondering whether it makes sense for your situation, I'm happy to walk through the numbers with you. Let's talk through 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
Jackson Murphy
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