Mortgage Rates Largely Unchanged This Week

July 9, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 9 July 2010 – This was a short week in the markets following the Independence Day weekend. Mortgage rates were, for the most part, unchanged with a minor increase over the past several days due to a rally in equities predicated on positive jobs and retail sales figures. Additionally, there has been an optimistic atmosphere on Wall Street on belief that earnings will be better in the next round of reporting and that many European banks would pass their upcoming stress tests. I have moved my recommendation to locking any loans closing in less than 15 days, but I am still recommending floating for loans further out on expectations that we are far from turning the corner on our economic woes.

I do wish that the picture was more positive on the mortgage front. Although mortgage rates remain extremely low, applications for purchase transactions have dropped significantly in the wake of the expired Homebuyer Tax Credit. Refinances have increased, but home values, depressed by an anemic housing market, have represented a difficult obstacle in many cases. I would say that this market still represents a great opportunity for the qualified buyer or the homeowner with significant equity to make the environment work in their favor.

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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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