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

The week that was:

We started the week with historic lows fueled by a equities market that slipped below 10,o00.   By Thursday, favorable data out of Chinese manufacturing sector stabilized rates.  Continued positive data, this time from retail sales and housing, on Friday was enough to push rates up 0.125%.  It is important to remember that these rates represent amazing opportunities when viwed at a historical level and that the future is still bright for homeowner’s and prospective buyer.

30 YEAR FIXED

National Average Rate: 4.32%

Fees/Points: 0.7

15 YEAR FIXED

National Average Rate: 3.83%

Fees/Points: 0.6