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Rates still low on oil concerns, but bearish mortgage markets could develop quickly

March 7, 2011

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
  • Long-term – FLOAT

It is important now to realize that although rates are down, markets can turn bearish very quickly.  Fence-sitters should decide soon on their course of action or risk higher rates .  Economic data that can affect mortgage interest rates.

Monday

  • January Consumer Credit

Tuesday

  • $32 Billion 3-year Treasury Auction

Wednesday

  • MBA Weekly Mortgage Applications
  • January Wholesale Inventories
  • $21 Billion 10-year Treasury Auction

Thursday

  • Weekly Jobless Claims
  • January Trade Deficit
  • $13 Billion 30-year Treasury Auction
  • February Treasury Budget

Friday

  • February Retail Sales
  • University of Michigan Sentiment
  • Business Inventories
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