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Mortgage Market Update
My Mortgage Company
Jackson Murphy
Tuesday, November 3, 2026
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Does it make sense to refinance right now? |
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Not every market move calls for a refinance. Here's how to know if one is worth your time.
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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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Refinance Timing
When refinancing actually makes sense
Refinancing isn't always the right move—even when rates drop. The key is understanding your break-even point: the time it takes for your monthly savings to offset the costs of refinancing. If you're planning to stay in your home long enough to recoup those costs, a refi can genuinely put money back in your pocket over time. But if you're thinking about moving or selling within a few years, it might not pencil out. The math is different for everyone, which is why it's worth a conversation tailored to your specific situation and timeline. Let's run the numbers on your home and see whether refinancing makes sense for you.
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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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