The Mortgage Rate Limbo Continues

August 13, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 13 Aug 2010 – I have Calypso music in my ears this week as my fingers dance around the keys. The mortgage limbo dance has continued with lending rates once again reaching record lows this week. In short, rates have never ever in the recorded history of rates been this low. To put it in clearer terms, I was able to deliver 4.375% 30-year fixed rate mortgage loans to my client’s with ease.

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HOW LOW CAN THEY GO?

The future will hold an eventual large increase, but this could be a long way off. I would expect that we will see some small movement up and down in the next few weeks, as bond investors look to take some profit from the huge amounts of money pouring into the fixed-income market and the stock market sucker’s rallies continue to come and go. Nothing on the immediate horizon points to a sustained economic recovery, however, so we should be in this dance for a couple of more rounds.

SHOULD I LOCK MY LOAN?

I am recommending my clients lock in the short-term as the bond market is a bit overbought and investors are pulling money out to take some profit, which we saw today. Fifteen or more days out, however, floating remains the approved solution.

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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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