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Mortgage Market Update
My Mortgage Company
Elle Zimmerman
Tuesday, November 3, 2026
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Refinancing isn't always the answer |
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Not every rate drop is a sign to refinance. Here's how to know if it actually makes sense for you.
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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 benefits you'd gain over time outweigh the costs of closing a new loan. This is especially true if you're planning to move or sell in the next few years—the timeline matters more than the rate. I talk to borrowers regularly who are tempted by lower rates but haven't run the actual numbers. That's where I come in. A real comparison takes just a conversation, and it keeps you from making a move that looks good on the surface but costs you money in the long run. If you're wondering whether refinancing fits your situation, let's talk through it together.
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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
Elle Zimmerman
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