Rates Tick Up In Wake of Wall Street Rally – Lock or Float

July 23, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 23 July 2010 –Rates began the week coming off the lowest mortgage rates we have seen to date, so things could not have gotten much better. Economic news was generally favorable with good earnings data for many companies across several industries, which helped equities markets. This had an adverse effect on mortgage rates to the frustration of any fence-sitters out there who were hoping for that elusive sub-4% 30-year fixed rate mortgage. Luckily the was a counter-balance in the form of comments by Fed Chairman Bernanke that there were no plans for further stimulus and that inflation could be an issue at some point in the future. This threw a bit of water on Wall Street’s scorching hot gains and reduced any rate increases to a couple basis points.

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LOCK OR FLOAT

For those floating a mortgage rate in a current transaction or considering applying for a loan, vigilance and realistic expectations are key. Although we will see rates bounce back and forth around a low mean, I would recommend anyone waiting to act. When rates do finally go up for good, it will likely happen fairly rapidly. It is my firm belief that regret over getting 0.125% above the actual bottom is better than regret over 0.5% above the actual bottom.

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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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