Interest Rates Dip At End of Week

June 18, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 18 June 2010 – All in all, this was a truly uneventful week for mortgage rates. This, however, was a good thing. Rates began the week higher than last week and, for most of the week, there was a substantial stock rally that could have been problematic for rate watchers. Luckily, rates remained flat and actually improved by the end of the week. I am recommending that my clients LOCK in the short-term as there is substantial volatility, but in the long-term, I am recommending that they FLOAT as economic data is pointing toward an end to the current equities rally.

HOMEBUYER’S TAX CREDIT STILL UNRESOLVED

In housing, the big news is about the Federal Homebuyer’s Tax Credit and the looming deadline. At present, there has currently been no definitive announcements as to an extension. While there does seem to be consensus among lawmakers that an extension is necessary, it may come after the expiration. While this would grandfather in the loans that close after the current June 30th deadline, I know of very few buyers that are willing to take the risk by extending their closings. Based on this, lenders are scrambling to meet the demand for end of June closings resulting from the “pig in a python” effect the credit created. Let’s hope that common sense prevails with an 11th hour extension.

Email This Post To a Friend. Email This Post To a Friend.

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.

View all posts by Doug Katz

Comments are closed.