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Mortgage Market Update
My Mortgage Company
Andrew Malm
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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I get asked about refinancing all the time, and the answer is almost never a simple yes or no. Here's how to think about it clearly.
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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 makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look appealing. The real question isn't just whether rates have dropped—it's whether the benefit you'd gain over time is worth the cost and effort of refinancing. Some borrowers see a meaningful payoff within a few years; others find that closing costs eat up most of the savings. The math depends on how long you plan to stay in your home, your current loan terms, and what you'd refinance into. Before you decide, it helps to run the numbers with someone who understands your full picture. I'm happy to walk through whether refinancing could actually work for you, or confirm that staying put is the smarter choice. If you're curious whether refinancing makes sense for your situation, let's talk through it together.
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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
Andrew Malm
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