Skip to content

Rates begin the week trending up on good earnings reports, but spectre of Middle East instability could cause flight to quality

January 31, 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

  • December Construction Spending
  • January JSM Manufacturing Index
  • January Auto and Truck Sales

Wednesday

  • MBA Weekly Mortgage Applications
  • ADP Employment Estimate for January

Thursday

  • Weekly Jobless Claims
  • December Factory Orders

Friday

  • January Employment Numbers

Not referenced here but important is the unrest in the Middle East.  The instability in this region is wreaking havoc in financial markets.  This could have a drag effect on equities and help keep rates on Fannie Mae and Freddie Mac mortgages low.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: