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.


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


  • MBA Weekly Mortgage Applications
  • ADP Employment Estimate for January


  • Weekly Jobless Claims
  • December Factory Orders


  • 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.

No comments yet

Leave a Reply

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

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

Google+ photo

You are commenting using your Google+ 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 )


Connecting to %s

%d bloggers like this: