Mortgage Rate Lock Advice 9/7 - Short-Term Locking of Mortgage Rates Recommended

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, but if 15 - 30 days out I do recommend considering a LOCK if pricing improves as we are near the bottom.

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

Wednesday

• Weekly Mortgage Bankers Association Application Report
• 10 Year Treasury Bill Auction
• July Consumer Credit Report

Thursday

• Weekly Jobless Claims
• July US Trade Balance
• 30 Year Treasury Bill Aucrion

Friday

• July Wholesale Inventories

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

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

Rate Lock Advice 6/28 (No Change)

Short-term - LOCK as trends are showing rates at historical lows and advantage of floating is minimal. If you are closing in 7 - 15 days, I would consider FLOATING as there has been a further flight to quality this morning providing fuel for better rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

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

Rate Lock Advice 6/23 - No Change

Short-term - FLOAT as markets a currently favorable to secure a better rate, but I recommend close monitoring of the market to take full advantage.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

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

Rate Lock Advice 6/22

Short-term - FLOAT as markets a currently favorable to secure a better rate, but I recommend close monitoring of the market to take full advantage.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

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