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
  • 15-30 Days: I recommend FLOATING
  • 30 or more days: I recommend FLOATING

The week that was:

The main driver this week for rate movement was the housing figures and they were not good,  National sales of existing homes dropped by over 27%.  This is not so great for sellers, but for Chicagoland buyers and homeowners considering a refinance.  Rates continue to stay at record lows providing the opportunity to secure some of the lowest interest rates in history.  For National averages of current rates, please see below.

30 YEAR FIXED

National Average Rate: 4.36%

Fees/Points: 0.7

15 YEAR FIXED

National Average Rate: 3.86%

Fees/Points: 0.6

Source: Freddie Mac

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