Mortgage rates improve at start of short trading week

By
Mortgage and Lending with Chicago Bancorp

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 closing in 7 or fewer days.  FLOAT with extreme caution if closing between 7 and 15 days.

Long-term - LOCK on ANY price improvements as window for securing best rates will be small and fleeting.

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

Wednesday

  • Q3 GDP
  • November Existing Home Sales
  • FHFA October Home Price Index

Thursday

  • Weekly Jobless Claims
  • November Personal Income and Spending
  • November Durable Goods Orders
  • University of Michigan Consumer Sentiment Index
  • November New Home Sales
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Topic:
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Location:
Illinois Cook County
Groups:
Realtors®
Chicagoland and Northern Illinois Real Estate
Illinois Real Estate
Veterans Real Estate
Advice for Buyers
Tags:
chicago
freddie mac
oak park
fannie mae
mortgage market
forest park
river forest
mortgage market commentary
mortgage rate lock advice

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