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Mortgage Market Update
Joe Edwards
Joe Edwards
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Every homeowner's situation is different, and what made sense a year ago might be worth reconsidering today. I'm sharing what actually goes into the refinancing decision so you can feel confident about your next move.
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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 it might make sense to refinance
Refinancing means taking out a new loan to pay off your existing mortgage. People do this for different reasons: to lower their monthly payment if rates have moved in their favor, to shorten their loan term and build equity faster, to switch from an adjustable rate to a fixed one, or to tap into home equity for a big expense. The catch is that refinancing involves costs and takes time, so it only makes sense if the benefit outweighs what you'll pay upfront. I help clients figure out whether refinancing actually pencils out for their situation, and if it does, we make sure the numbers work before moving forward. If you're wondering whether refinancing could work for you, let's talk through your options.
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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 Joe Edwards team any time and we'll walk you through your options. |
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