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Mortgage rates open flat, but FOMC policy statement could mean jump later in the week. Advice is unchanged.

January 24, 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

Tuesday

  • Case/Schiller Home Price Index
  • $35 Billion 2-year Treasury Auction

Wednesday

  • MBA Weekly Mortgage Applications
  • December New Home Sales
  • $35 Billion 5-year Treasury Auction
  • FOMC Policy Statement

Thursday

  • Weekly Jobless Claims
  • December Existing Home Sales
  • December Durable Goods
  • November Pending Home Sales
  • $29 Billion 7-year Treasury Auction

Friday

  • Q4 Advanced GDP
  • Q4 Employment Cost Index
  • University of Michigan Consumer Sentiment Index
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