Borrowers Rush to Lock Mortgage Rates Over Concerns Bottom Has Passed

September 17, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 17 September 2010 – This was a hectic week for mortgages, but not necessarily in the rate category. Rates once again skipped along the recent mean but generally ended the week flat. The action was actually on the lender side as demand for Fannie Mae and Freddie Mac refinance loans increased to a fever pitch as borrowers acted to secure the lowest possible rates.

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SEPTEMBER STOCK RALLY STALLS

Early in the week, mortgage rates looked to be headed for some additional upward pressure on better than expected news in retail sales and consumer spending. These concerns were short-lived, since this did little to move the equities market. Also out this week were employment numbers, which also beat expectations. Beating expectations, however, was not enough as the numbers still pointed to a very weak recovery. As if this was not enough to cool the equities rally, word of 1,700 job cuts from bellwether FedEx sent a clear message that things are far from good. In a nutshell, borrowers got a reprieve on increasing borrowing cost.

I am recommending any of my clients closing within 15 days to LOCK their rates due to the unpredictable nature of the market. For clients closing more than 15 days from now, I am recommending FLOATING with very keen eye the market for LOCK opportunities and to act quickly on mortgage market improvement.

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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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