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Mortgage rates holding steady, but may be time to think about locking

August 23, 2010

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 less than 7 days, FLOAT 15 – 30 days, but market is losing some steam

Long-term – FLOAT

The week ahead

  • Tuesday

    • July Existing Home Sales Report – Will likely reinforce that market is weak
  • Wednesday

    • Weekly Report on Applications
    • July Durable Goods Report
    • July New Home Sales Report – Will likely reinforce that market is weak
    • 5-Year Treasury Note Auction – Will help rates if demand is high
  • Thursday

    • Weekly Jobless Claims – Very important and if negative could help rates
    • 7-Year Treasury Note Auction- Will help rates if demand is high
  • Friday

    • August Consumer Sentiment Report

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

Please note that rates were trending down at the time of writing this post

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