Mortgage rates holding steady, but may be time to think about locking

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? 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.

Short-term - LOCK if less than 7 days, FLOAT 15 - 30 days, but market is losing some steam

Long-term - FLOAT

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 if you want to know the rates for your individual situation or have a lending need

Please note that rates were trending down at the time of writing this post