Improved Employment Numbers Reverse Mortgage Rate Trend

March 4, 2011

Daily Mortgage Updates

Doug Katz Mortgage Broker 4 March 2011 – I usually like being right. In my last update, I addressed the fickleness of markets and advised that the lower rates of late could be a fleeting affair. Based on the events of the last week, the turned out to be more prophecy than prognostication as we saw the week end with a reversal of the recent downward trend.

Oddly enough, the shift to higher mortgage pricing was not due to a settling down in the Middle East. Rather Qaddafi—OPEC’s Charlie Sheen—continued his rants as a mass migration of refugees toward his borders created a pending humanitarian crisis. Markets, however, are worried about oil and data reflected no major decrease in regional oil production since Libya’s problems began. Additionally, employment here in the U.S. seems to be once again on the mend as jobless claims reached a three year low.

buy cipro in usa

There are still some possibilities that the trend could move back to a favorable direction. Jordan still has not fully resolved their issues and Saudi Arabia, which has up until now managed to avoid the groundswell of democracy, is showing small cracks. Petitions to the king openly requesting changes have been met with nothing but the offer of cash. Unappeased by this colossal multi-billion dollar offer, preparations have begun for a March 11th protest. Although this is against Saudi law, this may not be enough to stem the tide and a violent response on the part of the monarchy could set off a conflagration. This would likely affect oil and touch off another flight to safety.

My mortgage rate lock advice is now once again defensive in nature. I am now recommending that my clients closing in 7 – 15 days to LOCK. I believe those closing 15 or more days still have some opportunity with FLOATING a better option.

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.