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Mortgage Rates Spike on Bullish Equities Market

January 3, 2011

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. If closing in 7 to 15 days, cautiously FLOAT with a finger on the trigger.

Long-term – FLOAT with vigilance.

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

Tuesday

  • November Factory Orders
  • FOMC Minutes from December 15th Meeting
  • December Car and Truck Sales

Wednesday

  • ADP Private Jobs Report
  • MBA Weekly Mortgage Applications
  • December ISM Services Sector Index

Thursday

  • Weekly Jobless Claims

Friday

  • December Non-Farm Employment
  • November Consumer Credit
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