Mortgage Market Update

Markiesia Scott

Tuesday, November 3, 2026

Should you refinance? Here's how to know

Hi there. This week I want to walk you through one of the questions I hear most often from homeowners who've had their mortgage for a few years.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Refinancing Basics

When does refinancing actually make sense?

Refinancing isn't a one-size-fits-all move. Some people refinance to lower their rate or shorten their loan term. Others tap into home equity for a renovation or to consolidate debt. The key is understanding what you're trying to accomplish and whether the costs and timeline align with your goals.

If you've been in your home for a while, your situation may have changed since you first borrowed. Your credit might be stronger, your equity might be substantial, or rates might have shifted enough to make a move worthwhile. That said, refinancing does come with closing costs and a new loan timeline—so it's worth a real conversation to see if it makes sense for you right now.

Let's talk through your specific situation and explore what refinancing could do for you.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Markiesia Scott team any time and we'll walk you through your options.

Your Mortgage Advisor

Markiesia Scott

mscott@haymakerhomeloans.com

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