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 15 or fewer days.
Long-term - FLOAT with extreme caution.
The week ahead for economic data that can affect mortgage interest rates
- $35 Billion 2-year Treasury Auction
- Case-Schiller October Home Price Index
- December Consumer Confidence
- $35 Billion 5-year Treasury Auction
- $29 Billion 7-year Treasury Auction
- Weekly Jobless Claims
- Chicago Purchasing Managers Index
- November Pending Home Sales