Tax Credit Extended and Interest Rates at Record Lows

July 2, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker July 2nd, 2010
It’s beginning to feel like Groundhog Day in the mortgage world. Unbelievably, rates have continued to drop. Once again the equities markets have under-performed and the resulting flight to quality is fueling demand for U.S. Treasuries and, in turn, mortgage backed securities. Record or near record lows have been the norm for a few weeks.

The main consideration going forward is one of timing. These rates cannot and will not last forever. Most industry professionals are forecasting a spike or steady rise in rates once greed replaces fear in the markets. I am advising most of my past and present clients to take advantage of the current environment while they still have the opportunity.

On a good note, Congress finally decided to act on the Homebuyer Tax Credit. The extension passed late Wednesday, the same day it expired. Buyers who fit the criteria and who signed a contract prior to April 30th now have until September to close their deals. This will not do anything to drive new purchases, but in this market, you take what you can get.

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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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