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Mortgage Market Update
My Mortgage Company
Colton Chase
Tuesday, November 3, 2026
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Does refinancing actually work for you? |
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One of the questions I hear most often is whether now is the right time to refinance. Let me walk you through how to think about it.
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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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing sounds appealing in theory—lower your rate, reduce your payment, pay off your loan faster. But it only makes financial sense if the benefit outweighs the cost and time involved. That's where a real conversation helps. We look at your loan terms, how long you plan to stay in your home, and what rates are doing today to figure out whether refinancing would actually move the needle for you. Sometimes it's a clear yes. Sometimes waiting a few months is smarter. And sometimes your current loan is doing exactly what you need it to do. The only way to know is to run the numbers with someone who has access to your full picture. Let's talk through whether a refinance makes sense for your situation.
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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
Colton Chase
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