Rate watchers begin the week focused on Korea and EU

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 - LOCK on ANY price improvements as windows for improvement will be small and fleeting.

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

Tuesday

• Case/Schiller 20 City Home Price Index
• Chicago Purchasing Manager's Index

Wednesday

• Weekly MBA Mortgage Applications
• ADP Employment Data
• Q3 Productivity
• Q3 Labor Unit Costs
• November ISM Manufacturing Index
• November Auto and Truck Sales
• Fed's Beige Book (Report on the economy)

Thursday

• Weekly Jobless Claims
• October Pending Home Sales

Friday

• November Employment Data
• November ISM Service Sector Index

Home Depot & Lowe's Provide Discount For This Who Served

This is old news to some, but I found out this weekend that Home Depot and Lowe's provide a 10% discount on all purchases to veterans. To obtain this discount, a veteran simply needs to present proof of service to at either of the retailers. This can amount to a nice chunk of change especially on larger home improvement projects.

Mortgage Rates Open Flat on a Short Trading Week

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

Rates Begin Week Dismally But Possible Respite In Future As Bond Market Nears Oversold Level

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 out. If your risk tolerance permits, I would FLOAT in 7 - 15 day range with your lender on speed dial to lock on improvement

Long-term - FLOAT as market is oversold

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

Monday

• October Retail Sales
• September Business Inventories

Tuesday

• October PPI
• October Industrial Production
• October Capacity Utilization
• NAHB Housing Index

Wednesday

• MBA Mortgage Applications Report
• October CPI
• October Housing Starts

Thursday

• Weekly Jobless Claims
• October Economic Indicators Report

Hooked on Some Easing

Since this week was much like the last few, I figured that would spice things up with a musical interlude. Because I cannot sing well enough to do this justice, I would ask that you use some good imagination.

Hooked on Some Easing
(Sung to Hooked on a Feeling)

See the song and read more

A Veterans Day Thought

In 1919, Woodrow Wilson announced a holiday to remember our veterans with the following proclamation.

"To us in America, the reflections of Armistice Day will be filled with lots of pride in the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations."

In the 91 years since that time, the name of the holiday has changed, but our soldiers, airmen, sailors and marines have continued to shed their blood in the defense of our great Nation. Too often, however, we are either too busy or too removed from the world of the military to realize the importance the self-sacrifice that our fighting men and women endure and to thank them for it.

So tomorrow, on this day of remembrance, I would challenge everyone to reach out to a veteran and personally thank them for their service. Better yet, dig into your pocket and give to one of the fine institutions such as the USO or the American Legion, which provide support services to our military and veterans.

Bumpy Week Ahead For Mortgage Rates

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 out from closing, but if between 7 and 15 days FLOATING makes sense, but remember that pigs get fat and hogs get slaughtered. If you are too greedy, it may cost you.

Long-term - FLOAT

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

Tuesday

• September Wholesale Inventories
• $25 B 10 Year Treasury Auction

Wednesday

• MBA Mortgage Applications Report
• Weekly Jobless Claims
• $16 B 30 Year Treasury Auction

Friday

• University of Michigan Mid Month Consumer Sentiment