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Mortgage Rate Lock Advice 10/12 – Rates begin the week strong, but the wise borrower should lock in now to exploit recent gains

October 12, 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, As the recent gains are too good not to take advantage of

Long-term – FLOAT

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

Tuesday

  • 3 Year Treasury Auction
  • Release of notes from 9/21 FOMC meeting

Wednesday

  • 10 Year Treasury Auction
  • MBA Mortgage Applications Report
  • September Import/Export Pricing Report

Thursday

  • 30 Year Treasury Auction
  • Weekly Jobless Claims

Friday

  • September Consumer Price Index
  • September Retail Sales Report
  • University of Michigan/Reuters Consumer Sentiment Index
  • August Business Inventories
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