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Mortgage Market Update
My Mortgage Company
Q Mortgage
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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Hi there—this week I want to tackle a question I hear often: should I refinance? The answer isn't always yes, and that's okay.
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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 for you
Refinancing isn't a one-size-fits-all move—it depends on your situation, how long you plan to stay in your home, and what you're trying to accomplish. Some people refinance to lower their monthly payment. Others use it to shorten their loan term, build equity faster, or tap into equity for a major expense. The math changes based on closing costs, how much rates have shifted, and your timeline. That's why it's worth a conversation before you decide. I can walk you through whether refinancing pencils out for your specific goals, or whether staying put makes more sense right now. Let's talk through whether a refinance could work in your favor.
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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
Q Mortgage
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