Another See-Saw Week in Mortgage Rates

Since last week’s use of Einstein’s quote was so well received, I thought it appropriate to begin this week’s commentary with a quote from the venerable Yogi Berra. Yogi remarked after seeing back-to-back home runs by Mickey Mantle and Roger Maris that it was “déjà vous all over again.” Such was the week in rates, with a drop followed by a return to the mean of the last month.

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Mortgage Rates Hit Historic Lows, But Stall on Equities Rally

Einstein once said, "Put your hand on a hot stove for a minute, and it seems like an hour. Sit with a pretty girl for an hour, and it seems like a minute. THAT'S relativity." This concept is very important to this commentary as relativity is the guiding principal from which to evaluate the rate roller coaster we saw this week. On the one hand, rates did rise about 0.125%. On the other hand, the rise was from the lowest mortgage rates in history.

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Now May Be The Time To Lock Your Mortgage Rate If You Are Less Than 15 Days Out From Close

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

Long-term - FLOAT

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

Tuesday

• Case/Schiller 20 City Index - This will tell us a lot about the current health of the housing market
• Cosnumer Confidence Report
• Fed Minutes from 8/11 Meeting

Wednesday

• ADP Private Employement Data - This will tell us a lot about the health of employment outside of giovernement jobs
• Construction Spending Report
• Auto and Truck Sales Data - Always a good bellwether of spending

Thursday

• Weekly Jobless Claims - Very important and if negative could help rates
• Pending Home Sales - Could be an ugly number as housing has suffered in the wake of the expiration of the New Homebuyer Tax Credit

Click here if you want to know the rates for your individual situation or have a lending need

Please note that rates were trending down at the time of writing this post

Mortgage rates holding steady, but may be time to think about locking

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, FLOAT 15 - 30 days, but market is losing some steam

Long-term - FLOAT

The week ahead

• Tuesday
  
  
  
  • July Existing Home Sales Report - Will likely reinforce that market is weak


• Wednesday
  
  
  
  • Weekly Report on Applications
  
  
  • July Durable Goods Report
  
  
  • July New Home Sales Report - Will likely reinforce that market is weak
  
  
  • 5-Year Treasury Note Auction - Will help rates if demand is high


• Thursday
  
  
  
  • Weekly Jobless Claims - Very important and if negative could help rates
  
  
  • 7-Year Treasury Note Auction- Will help rates if demand is high


• Friday
  
  
  
  • August Consumer Sentiment Report

Click here if you want to know the rates for your individual situation or have a lending need

Please note that rates were trending down at the time of writing this post

Chicago and Oak Park Mortgage Rates Unchanged - 8/18

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, FLOAT 15 - 30 days

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Please note that rates were flat at the time of writing this post

Chicago and Oak Park Mortgage Rates Ticking Up - 8/17

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, FLOAT 15 - 30 days

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Please note that rates were trending upward at the time of writing this post

Mortgage Rate Lock Advice for Chicago and Oak Park: 8/16

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 - FLOAT

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Please note that rates were trending downward at the time of writing this post

Mortgage Rate Lock Advice for Chicago and Oak Park - 8/13

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, but FLOAT if 7 - 15 days from close.

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Mortgage Rate Lock Advice for Chicago and Oak Park - 8/12

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, but FLOAT if 7 - 15 days from close.

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Mortgage Rate Lock Advice for Chicago and Oak Park - 8/11

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 - FLOAT

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Mortgage Rate Lock Advice for Chicago and Oak Park - 8/10

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 - FLOAT

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Mortgage Rate Lock Advice for Chicago and Oak Park: 8/9

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 - FLOAT

Long-term - FLOAT

Click here if you want to know the rates for your individual situation or have a lending need

Mortgage Rate Lock Advice for Chicago and Oak Park: 8/6

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 - FLOAT as employment numbers were disappointing, which has opened the opportunity to secure a better rate.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you want to know the rates for your individual situation or have a lending need

Please note that pricing was trending down at the time of writing this post.

Mortgage Rate Lock Advice for Chicago and Oak Park - 8/5 (No Change)

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 more than 15 days, however, I still recommend FLOATING, but the odds are against securing a lower rate in this period, much will depend on employment numbers released later in the week.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you want to know the rates for your individual situation or have a lending need

Please note that pricing was trending down at the time of writing this post.

Rate Lock Advice for Chicago and Oak Park - 8/4 (No Change)

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 more than 15 days, however, I still recommend FLOATING, but the odds are against securing a lower rate in this period.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you want to know the rates for your individual situation or have a lending need

Please note that pricing was trending up at the time of writing this post.

Rate Lock Advice for Chicago and Oak Park - 8/3

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 more than 15 days, however, I still recommend FLOATING, but the odds are against securing a lower rate in this period.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you want to know the rates for your individual situation or have a lending need

Rate Lock Advice for Chicago and Oak Park - 8/2

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 equities markets are responding very favorably to economic news out of Europe. If closing in more than 15 days, however, I still recommend FLOATING, but the market is losing momentum and there is increasing risk of rates increasing.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Rate Lock Advice for Chicago and Oak Park - 7/30

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. Although risk has tapered off, there is still too much risk to justify floating. If closing in more than 15 days, however, I still recommend FLOATING, but the market is losing momentum and there is increasing risk of rates increasing.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Rate Lock Advice for Chicago and Oak Park - 7/29

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 there is increasingly less chance of securing a better rate. If closing in more than 15 days, however, I still recommend FLOATING, but the market is losing momentum and there is increasing risk of rates increasing.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/28

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 risk outweighs the benefit. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs