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 makes sense as there will likely be some pricing improvement by the end of the week.
Short-term - LOCK if less than 7 days out from closing, but if between 7 and 15 days FLOATING makes sense as there will likely be some pricing improvement by the end of the week.
Long-term - FLOAT
The week ahead for economic data that can affect mortgage interest rates
Wednesday
- MBA Mortgage Applications Report
- FOMC Policy Statement - This is extremely important as there will likely be information on their plan for Quantitative Easing
Thursday
- Weekly Jobless Claims
Friday
- October Unemployment Report
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