Are you currently in the process of buying a home or refinancing? 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.
If closing your Chicago mortgage in:
- 5-7 Days: I recommend LOCKING as there is little chance of securing a better rate
- 7-15 Days: I recommend FLOATING but the market is losing momentum and there is increasing risk of rates increasing
- 15-30 Days: I recommend FLOATING but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.
- 30 or more days: I recommend FLOATING