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 (No Change) - 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 - (No Change) 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
- $32 Billion 3 Year Treasury Auction
- October Consumer Credit
Wednesday
- Weekly MBA Mortgage Applications
- $21 Billion 10 Year Treasury Auction
Thursday
- Weekly Jobless Claims
- October Wholesale Inventories
- $13 Billion 30 Year Treasury Auction
Friday
- October Trade Balance
- November Import and Export Prices
- University of Michigan Mid-Month Consumer Sentiment Report
- November Treasury Budget
Comments(1)