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 - At any point less than 15 days, I would LOCK. More than 15 days, I would recommend LOCKING unless your risk tolerance permits calmness in the face of severe volatility. In this case, I would FLOAT and LOCK an ANY gains.
Long-term - FLOAT, but look to LOCK on any gains.
The week ahead for economic data that can affect mortgage interest rates
Monday
- $25 Billion 2-Year Treasury Auction
Tuesday
- October Existing Home Sales
- $35 Billion 5-year Treasury Auction
- 11/3 FOMC Meeting Minutes
Wednesday
- October Personal Income and Spending Report
- October Durable Good Report
- Weekly Jobless Claims
- University of Michigan Consumer Sentiment Index
- October New Home Sales
- $25 Billion 7-year Treasury Auction
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