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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


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


  • Weekly Jobless Claims


  • October Unemployment Report
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