Mortgage Rate Lock Advice 10/12 - Rates begin the week strong, but the wise borrower should lock in now to exploit recent gains

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, As the recent gains are too good not to take advantage of

Long-term - FLOAT

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

Tuesday

• 3 Year Treasury Auction
• Release of notes from 9/21 FOMC meeting

Wednesday

• 10 Year Treasury Auction
• MBA Mortgage Applications Report
• September Import/Export Pricing Report

Thursday

• 30 Year Treasury Auction
• Weekly Jobless Claims

Friday

• September Consumer Price Index
• September Retail Sales Report
• University of Michigan/Reuters Consumer Sentiment Index
• August Business Inventories