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 closing in 7 or fewer days. FLOAT with extreme caution if closing between 7 and 15 days.
Long-term - FLOAT, but LOCK on ANY price improvements as window for securing best rates will be small and fleeting.
The week ahead for economic data that can affect mortgage interest rates
Wednesday
- Q3 GDP
- November Existing Home Sales
- FHFA October Home Price Index
Thursday
- Weekly Jobless Claims
- November Personal Income and Spending
- November Durable Goods Orders
- University of Michigan Consumer Sentiment Index
- November New Home Sales
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