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

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