Global and National Markets Take a Beating

May 21, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker May 21, 2010
Well, the word this week is pessimism. Aside from a slight positive blip on Wednesday, global markets took a beating on continued fears about the European Union’s ability to effectively deal with its debt woes. This also provided a catalyst for a drop in Asian markets with concerns over exports to Europe and the United States. To make matters worse, an unexpected increase in first time unemployment claims fueled fear in investors that the recession is far from over. Finally, the passing of new sweeping financial regulations in the US Senate added additional fuel to the fire by creating concerns that the regulation will stifle financial innovation and hamstring the ability of financial service providers ability to maximize profits.

All the aforementioned bad news once again created a flight to quality and a deluge of money poured back to safer investments such as US Treasury Bills. This, once again, provided significant downward pressure on mortgage rates. Rates steadily decreased throughout the week; ending yesterday at 2010 lows. If you are waiting for an opportunity to refinance, I would say it has come. If you are currently buying a home and trying to time the market for your rate lock, I would also recommend locking.

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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, on his own blogs, and Vet Money Matters. He's also on LinkedIn.

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