Mortgage Rate Lock Advice 10/4 – Rates beginning the week trending positive, but agility and quick reaction time are key

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, For those 15 or more days out, you can FLOAT to take advantage of any improvements

Long-term – FLOAT

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

Wednesday

• MBA Mortgage Weekly Application Report
• September ADP Employment Estimate

Thursday

• Weekly Jobless Claims
• August Consumer Credit

Friday

• September Employment Data
• August Wholesale Inventories