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
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