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Mortgage Market Update
Justin Stein
B.E. Home Finance
Tuesday, November 3, 2026
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Should you refinance right now? |
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Hi there. I get asked about refinancing a lot, and it's worth thinking through carefully. Here's what actually matters when you're deciding.
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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
A lot of people ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can lower your payment, shorten your loan term, or help you tap into home equity for a major expense. But it also comes with closing costs and a new loan timeline, so it's not right for everyone or every moment. The key is looking at your own numbers—how long you plan to stay in the home, what your current loan terms are, and whether the potential benefit outweighs the upfront cost. That's where a real conversation helps. I can walk you through the math without any pressure, so you know exactly what refinancing would mean for your specific situation. Let's talk through whether a refinance makes sense for you right now.
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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 Justin Stein team any time and we'll walk you through your options. |
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