Living in Lincoln Park Blog

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 ahead

The week ahead for economic data that can affect mortgage interest rates.

• Tuesday
  • Case/Schiller 20 City Index – This will tell us a lot about the current health of the housing market
  • Consumer Confidence Report
  • Fed Minutes from 8/11 Meeting
• Wednesday
  • ADP Private Employment Data – This will tell us a lot about the health of employment outside of government jobs
  • Construction Spending Report
  • Auto and Truck Sales Data – Always a good bellwether of spending
• Thursday
  • Weekly Jobless Claims – Very important and if negative could help rates
  • Pending Home Sales – Could be an ugly number as housing has suffered in the wake of the expiration of the New Home buyer Tax Credit

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

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

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

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

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 as this uptick will likely reverse
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING

There are no major economic announcements today, so it will likely be a quiet one for mortgages.  The weekly report for jobless claims does come out tomorrow, which will likely impact the market.

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

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 as this uptick will likely reverse
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING

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

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 FLOATING
• 7-15 Days: I recommend FLOATING
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING

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

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

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

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

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

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 FLOATING
• 7-15 Days: I recommend FLOATING
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING

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

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 FLOATING
• 7-15 Days: I recommend FLOATING
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING

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