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Now May Be The Time To Lock Your Mortgage Rate If You Are Less Than 15 Days Out From Close

August 30, 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

Long-term – FLOAT

The week ahead for economic data that can affect mortgage interest rates.

Tuesday

  • Case/Schiller 20 City Index – This will tell us a lot about the current health of the housing market
  • Cosnumer Confidence Report
  • Fed Minutes from 8/11 Meeting

Wednesday

  • ADP Private Employement Data – This will tell us a lot about the health of employment outside of giovernement jobs
  • Construction Spending Report
  • Auto and Truck Sales Data – Always a good bellwether of spending

Thursday

  • Weekly Jobless Claims – Very important and if negative could help rates
  • Pending Home Sales – Could be an ugly number as housing has suffered in the wake of the expiration of the New Homebuyer Tax Credit

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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