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

October 4, 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, 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
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