Mortgage Rate Lock Advice for Chicago and Oak Park – 8/5 (No Change)

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 more than 15 days, however, I still recommend FLOATING, but the odds are against securing a lower rate in this period, much will depend on employment numbers released later in the week.

Long-term – FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you want to know the rates for your individual situation or have a lending need

Please note that pricing was trending down at the time of writing this post.