Skip to content

Mortgage Rate Lock Advice 11/1 – Rates open weak, but hope for favorable Fed policy could bring lower rates and lock opportunity

November 1, 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 if less than 7 days out from closing, but if between 7 and 15 days FLOATING makes sense as there will likely be some pricing improvement by the end of the week.

Long-term – FLOAT

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

Wednesday

  • MBA Mortgage Applications Report
  • FOMC Policy Statement – This is extremely important as there will likely be information on their plan for Quantitative Easing

Thursday

  • Weekly Jobless Claims

Friday

  • October Unemployment Report
Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: