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
  • 7-15 Days: I recommend FLOATING, but the market is losing steam.  Be prepared to lock.
  • 15-30 Days: I recommend FLOATING
  • 30 or more days: I recommend FLOATING

The week ahead

  • Tuesday
    • July Existing Home Sales Report – Will likely reinforce that market is weak
  • Wednesday
    • Weekly Report on Applications
    • July Durable Goods Report
    • July New Home Sales Report – Will likely reinforce that market is weak
    • 5-Year Treasury Note Auction – Will help rates if demand is high
  • Thursday
    • Weekly Jobless Claims – Very important and if negative could help rates
    • 7-Year Treasury Note Auction- Will help rates if demand is high
  • Friday
    • August Consumer Sentiment Report

Click here for more information or to discuss your real estate deal in greater detail