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Mortgage Market Update
Megan Henderson
Barrett Financial
Saturday, October 31, 2026
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Should you refinance? Here's how to know |
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Homeowners often ask me if they should refinance when rates move. The answer depends on more than just the rate itself.
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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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Refinancing Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't just whether rates dropped—it's whether the benefits of a new loan outweigh what it costs to get one. Some people refinance to lower their rate or shorten their loan term. Others tap equity for a major expense. But if you're only chasing a small savings, closing costs might eat up your gains for years. That's why it helps to look at your whole situation: how long you plan to stay in the home, your current loan terms, and what you're trying to accomplish. I'm happy to walk through the numbers with you and help you figure out whether it makes sense right now. Reach out if you'd like to explore whether refinancing could work 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 Megan Henderson team any time and we'll walk you through your options. |
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