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Mortgage Market Update
Gaby Lockhart
Gaby Lockhart
Saturday, October 31, 2026
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Does refinancing make sense right now? |
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Hi there. Sometimes a change in your financial picture or the mortgage market makes you wonder if refinancing is worth considering.
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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
When does it make sense to refinance?
Refinancing isn't always the right move—but sometimes it's worth a closer look. The main reasons people refinance are to lower their monthly payment, shorten their loan term, switch from an adjustable to a fixed rate, or tap into home equity. The trade-off is that you're starting a new loan, which means closing costs and a reset on your timeline. Whether it pencils out depends on your situation: how long you plan to stay in the home, what your current rate looks like compared to today's market, and your goals. I can run the numbers with you to see if refinancing would actually put you ahead. Let's talk through whether refinancing makes sense 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 Gaby Lockhart team any time and we'll walk you through your options. |
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