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.
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