Rates Begin Week Dismally But Possible Respite In Future As Bond Market Nears Oversold Level

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. If your risk tolerance permits, I would FLOAT in 7 – 15 day range with your lender on speed dial to lock on improvement

Long-term – FLOAT as market is oversold

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

Monday

• October Retail Sales
• September Business Inventories

Tuesday

• October PPI
• October Industrial Production
• October Capacity Utilization
• NAHB Housing Index

Wednesday

• MBA Mortgage Applications Report
• October CPI
• October Housing Starts

Thursday

• Weekly Jobless Claims
• October Economic Indicators Report

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