Mortgage Rates Remain Extremely Low

July 30, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 30 July 2010 – As I look back over this and the last few weeks from a rate perspective, I think of the French saying “plus ça change, plus c’est la même chose.”  It says that the more things change, the more they stay the same and this sentiment definitely applies for mortgage rates.  In short, rates remained extremely low throughout the week with no discernable change.

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Economic data remained a bit grim.  Although sounding optimistic, employment data was once again disappointing.  Rolls dropped by a couple hundred thousand, but the number of Americans receiving benefits is still around 3.66 million and many have been receiving them for 2 or more years.  This problem continues to drag other aspects of the economy down with it.  Foreclosure rates, for example, are continuing to rise in most metro areas.  Additionally, refinances are not tracking with the low rates as borrowers with limited means and lower home values are less and less able to take full advantage of the phenomenally low cost of money.  Home values, however, have begun a moderate improvement with the S&P/Case-Shiller® 20-city index experienced price showing appreciation over the 12-months ending in May for 13 metropolitan areas.


I am recommending my clients lock in the short-term as the risk definitely outweigh the potential of securing a better rate.  Fifteen or more days out, however, I do see a benefit in floating.  I give this advice with the caveat that the markets are losing some momentum and the best rate will go to the borrower with the best timing.

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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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