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Mortgage Market Update
Robert Hendley
Robert Hendley
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Hi there—this week I want to touch on a question I hear a lot: when is refinancing actually worth it? Let me break down what matters most.
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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 actually makes sense
Refinancing isn't a one-size-fits-all move—it works when the numbers and your situation line up. The most common reason is a rate environment that lets you lower your monthly payment or shorten your loan term. But there are other good reasons too: consolidating debt into your mortgage, tapping equity for a major expense, or switching from an adjustable rate to a fixed one for predictability. The catch is that refinancing comes with costs, so it only pays off if you stay in your home long enough to recoup them. That timeline varies based on your specific loan and circumstances. If you've been thinking about whether now is your moment, I'd love to walk through the details with you and see if it makes sense. Let's talk through whether refinancing could work for your situation.
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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 Robert Hendley team any time and we'll walk you through your options. |
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