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. If closing in 7 to 15 days, cautiously FLOAT with a finger on the trigger.
Long-term - FLOAT with vigilance.
The week ahead for economic data that can affect mortgage interest rates
- November Factory Orders
- FOMC Minutes from December 15th Meeting
- December Car and Truck Sales
- ADP Private Jobs Report
- MBA Weekly Mortgage Applications
- December ISM Services Sector Index
- Weekly Jobless Claims
- December Non-Farm Employment
- November Consumer Credit