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Mortgage rates flat for now, but caution is key

January 19, 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, FLOAT, but be ready to lock if the market turns negative.

Long-term – FLOAT with caution

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

Wednesday

  • MBA Weekly Mortgage Applications
  • December Housing Starts
  • December Building Permits

Thursday

  • Weekly Jobless Claims
  • December Existing Home Sales
  • December Leading Economic Indicators
  • January Philadelphia Fed Business Index
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