Mortgage Rate Lock Advice 10/25 - Opportunity for rate watchers as this week's pricing opens favorably

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK if less than 7 days out from closing, but if between 7 and 15 days FLOATING with a cautionary monitoring of the markets could pay off.

Long-term - FLOAT

The week ahead for economic data that can affect mortgage interest rates

Tuesday

• Case/Schiller 20 City Home Price Index
• October Consumer Confidence Index
• $35 Billion 2 Year Treasury Auction

Wednesday

• MBA Mortgage Applications Report
• September Durable Goods
• September New Home Sales
• $35 Billion 5 Year Treasury Auction

Thursday

• Weekly Jobless Claims
• $29 Billion 7 Year Treasury Auction

Friday

• 3Q Advance GDP
• October Purchasing Managers Index
• $29 Billion 7 Year Treasury Auction
• University of Michigan Consumer Sentiment Index