Wednesday, July 21, 2010

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/21


Short-term - LOCK as equities recovered yesterday adversely affecting mortgage pricing. While there was improvement today, timing is too short for this risk. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.


Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.


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