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Mortgage Rate Lock Advice 9/7 – Short-Term Locking of Mortgage Rates Recommended

September 7, 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, but if 15 – 30 days out I do recommend considering a LOCK if pricing improves as we are near the bottom.

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

Wednesday

  • Weekly Mortgage Bankers Association Application Report
  • 10 Year Treasury Bill Auction
  • July Consumer Credit Report

Thursday

  • Weekly Jobless Claims
  • July US Trade Balance
  • 30 Year Treasury Bill Aucrion

Friday

  • July Wholesale Inventories

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

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

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