Instability in Middle East Not Enough To Keep Rates Down

February 4, 2011

Daily Mortgage Updates

Doug Katz Mortgage Broker 4 February 2011 – Well this week I am disappointed. I had a great weekly planned. A parody of Walk Like an Egyptian entitled Riot Like an Egyptian that had all sorts of great connections between the craziness in the Middle East to higher oil prices, a spooked stock market and better mortgage rates, but sadly it did not come to pass. Even the violence that has arisen in the last few days had no effect. So you were mercifully spared my feeble attempts at humor. So what did happen…

cialis canadian pharmacy overnight shipping

The week started with mild downward movement in mortgage pricing, but this was short lived. Exuberance, rational or otherwise, that we may be turning a corner was enough to push the Dow above 12,000. By the middle of the week, we found out that new claims for unemployment dropped dramatically and that private sector job creation as measured by ADP had improved considerably. This news nudged mortgage rates back up to and above the range of the last few weeks.

All this was a lead up to the big report due out Friday. It is on this day that the government releases their official employment numbers. It is also on this day that you will hear a collective cheer or gasp among mortgage professionals and rate watchers. If these numbers once again disappoint, rates will likely retreat a bit. If they are positive, you can expect a rapid jump into the low 5% range.

My mortgage rate lock advice for my clients is now very succinct and direct. In fact, it can be summed up in a single word – LOCK. Regardless of the time frame, there is just too much risk to roll the dice.

Email This Post To a Friend. Email This Post To a Friend.

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.

View all posts by Doug Katz

Comments are closed.