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Mortgage Market Update
Ryan Leahy
Ryan Leahy
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Refinancing comes up a lot when rates move, but not every homeowner should do it. Here's how to figure out if it makes sense for 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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Refinancing Basics
When refinancing makes sense (and when it doesn't)
Refinancing sounds simple—replace your loan with a new one at a better rate. But the real question is whether it pencils out for your specific situation. A lower rate is nice, but you'll pay closing costs to get it, and that takes time to recoup. Some people break even in a few years; others might stay in the home long enough to make it worthwhile. Others find the math just doesn't work. The best way to know is to sit down with real numbers: your current loan balance, how long you plan to stay, and what new terms would cost. That's where I come in. I can walk through the math with you and tell you honestly whether it's a smart move or not. Let's run the numbers on your specific loan and see if 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 Ryan Leahy team any time and we'll walk you through your options. |
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