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Mortgage Market Update
Michael Radcliffe
The Rad CRM
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Every few months I hear from someone wondering if now's the right time to refinance. The answer depends on your specific circumstances, not just what rates are doing.
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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 does refinancing actually make sense?
Refinancing isn't right for everyone, and the timing matters. If your financial situation has changed—your credit improved, rates dropped, or you've built equity—refinancing might lower your payment or shorten your loan term. But there are costs involved, so it only makes sense if the benefit outweighs what you'll pay to switch. Some people refinance to tap equity for home improvements or debt consolidation, which is a different calculation altogether. The key is understanding your own numbers and goals. I'm happy to walk through whether it makes sense in your situation, no pressure either way. Let's talk about whether refinancing could work 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 Michael Radcliffe team any time and we'll walk you through your options. |
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