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Mortgage Market Update
My Mortgage Company
Seth M Reeves
Tuesday, November 3, 2026
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Should you refinance, or pay extra instead? |
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Every homeowner reaches a point where they wonder if their mortgage is working as hard as it could. This week I want to walk through one question that might surprise 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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Refinance Strategy
When paying down your loan makes more sense than moving
A lot of homeowners ask me whether they should refinance when rates shift. But before we talk about a new loan, it's worth asking: what's actually driving the question? Sometimes the smartest move isn't refinancing at all—it's paying extra toward your existing mortgage to build equity faster, reduce interest over time, or shorten your loan term. Other times, a refinance genuinely saves you money. The difference comes down to your specific situation: how long you plan to stay, what your current rate and term look like, and whether closing costs make financial sense for your goals. There's no one-size-fits-all answer, which is exactly why it helps to run the numbers together. Let's talk through what makes the most sense 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 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
Seth M Reeves
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