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Mortgage Market Update
Kevin Burrus
Kevin Burrus
Saturday, October 31, 2026
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Should you refinance? Here's how to know |
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Hi there—I've been getting a lot of questions lately about whether homeowners should refinance. Let me share what actually matters when you're making that decision.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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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Refinance Timing
When refinancing actually makes sense
A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your situation, not just the rate environment. Refinancing can make sense if your financial picture has changed—maybe your credit has improved, your home has gained value, or you want to shorten your loan term. But it also means closing costs and a new application process. The real question is whether the long-term benefit outweighs what you'll pay upfront. That calculation is different for everyone. If you've been thinking about it but weren't sure where to start, I'm happy to walk through the numbers with you and help you decide if it's worth exploring. Let's talk through whether a refinance might work for your goals.
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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 Kevin Burrus team any time and we'll walk you through your options. |
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