Are you currently in the process of buying a Lincoln Park home or refinancing your Chicago mortgage?  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: LOCK
  • 7-15 Days: LOCK
  • 15-30 Days: LOCK
  • 30 or more days: LOCK

The week that was:

This week unfolded a bit unexpectedly.  Egypt exploded in riots and Yemen followed suit.  The accompanying jump in oil prices coupled with uncertainty that this brought to world markets should have staved off the recent upward pressure on rates, but this was not to be.  A mix of favorable earnings and positive jobs data pushed the Dow over 12,000.  The dragged pricing for Fannie Mae and Freddie Mac mortgage pricing up with it.  The big day is Friday when official employment data hits the street.  This will either be a boom or bust for mortgage rates.

30 YEAR FIXED

National Average Rate: 4.81%

Fees/Points: 0.8

15 YEAR FIXED

National Average Rate: 4.08%

Fees/Points: 0.8

Source: Freddie Mac