A Slow Steady Upward Climb

May 28, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker May 28th, 2010
This week was marked by a reversal of the recent declining trend and higher rates by the end of the week. While they did not shoot into the stratosphere, rates did move steadily up as optimistic and opportunistic investors began to move money back into the equities markets.

The main economic data came in the form of home price and consumer confidence indices. Housing was a mixed bag. Overall, we saw a decline in prices month over month, but a gain year over year. Consumer confidence tracked favorably and actually registered at levels not seen since 2008.

In the end, we have seen and can expect volatility in rates going forward. Most conventional wisdom is pointing toward locking if within 60-days of a purchase. If you cannot do this, fear not. Factors adverse to the equities market, such as European debt concerns, colossal oil spills and tensions on the Korean peninsula, may create windows of opportunity to secure a good rate.

I would like to take a moment to remind everyone that this weekend is Memorial Day. As I was writing this update, I realized how easy it is to get caught up in the day-to-day and forget the brave men and women who paid the ultimate price in the service of our country. To make matters worse, Memorial Day has become an anchor for sales and an excuse for picnics and BBQs. All of these are great and have their place, but please take a moment out of the errands, sales and picnics to remember these soldiers, sailors and airmen.

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About Doug Katz

As the Senior Mortgage Banker and Sales Manager for Chicago Bancorp, Doug not only originates loans for his personal business, but also oversees affiliations with banks and other financial institutions that depend on Chicago Bancorp to meet their client’s lending needs. In this role, Doug directs the day-to-day mortgage sales operations of over 25 branches in a multitude of Chicagoland’s diverse communities. He brings to these relationships a wealth of industry experience and a dedication to an exceptional client experience that has established Chicago Bancorp as Chicago’s pre-eminent mortgage solution providers. Prior to joining Chicago Bancorp, Doug attended and graduated from West Point. Upon graduation, he was commissioned as an officer in the United States Army Artillery, where served 5 years in numerous roles and in various deployments include service in Kuwait. In addition to his Bachelor’s Degree from West Point, Doug holds an M.B.A. from Loyola University Chicago, where he was also inducted into the Beta Gamma Sigma Honor Society. He also served as President for the West Point Society of Chicago from 2003 to 2005 and still serves on the Board of Directors. When not working, he spends his time with his wife and three children in their hometown of Oak Park, as well as pursuing his passions for fitness, cooking and the banjo. Doug can be reached by phone at 312.738.6079, by email at doug@chicagobancorp.com, on his own blogs, BankerDoug.com and Vet Money Matters. He's also on LinkedIn.

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