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Mortgage Market Update
Karen Cely Chavez
Karen Cely Chavez
Tuesday, November 3, 2026
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Does refinancing make sense right now? |
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One of the most common questions I get is whether someone should refinance their mortgage. 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 Basics
When does refinancing actually make sense?
A lot of people ask whether they should refinance, but the real question is whether it makes sense for their specific situation. Refinancing isn't always the right move—sometimes you're better off staying put. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable to a fixed rate. But there are costs involved, and those need to be weighed against what you'll actually save over time. That math is different for everyone depending on how long you plan to stay in your home and what your current loan looks like. If you've been wondering whether it's worth exploring, I'm happy to run the numbers with you and give you a straight answer. Reach out if you'd like to talk through whether refinancing could work 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 Karen Cely Chavez team any time and we'll walk you through your options. |
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