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Mortgage rates improve at start of short trading week

December 21, 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 closing in 7 or fewer days. FLOAT with extreme caution if closing between 7 and 15 days.

Long-term – FLOAT, but LOCK on ANY price improvements as window for securing best rates will be small and fleeting.

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

Wednesday

  • Q3 GDP
  • November Existing Home Sales
  • FHFA October Home Price Index

Thursday

  • Weekly Jobless Claims
  • November Personal Income and Spending
  • November Durable Goods Orders
  • University of Michigan Consumer Sentiment Index
  • November New Home Sales
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One Comment leave one →
  1. December 29, 2010 6:02 am

    Being a new blogger, I would like to tell you that you have given me much knowledge about it. Thanks for everything.NMLS License

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