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Mortgage Rate Lock Advice 9/20 – Vigilance and quick reaction is key for those with applications moving through the approval process

September 20, 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, but LOCK on any price improvements

Long-term – FLOAT

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

Tuesday

  • August Housing Starts
  • FOMC Policy Statement

Wednesday

  • MBA Mortgage Weekly Application Report
  • FHFA Housing Price Index Report

Thursday

  • Weekly Jobless Claims
  • August Existing Home Sales
  • August Leading Market Indicators
  • Annoucement of Treasury Auctions

Friday

  • August Durable Goods
  • August New Home Sales
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