Mortgages Inch Lower Due to Employment and Spanish Debt Concerns

March 11, 2011

Daily Mortgage Updates

Doug Katz Mortgage Broker 11 March 2011 – This week I feel a bit like Oliver Twist with my bowl outstretched in front of me as I beg for more. The lack of upward movement alone should be considered stupendous, but we actually saw a nudge down in pricing. I cannot, however, get past the belief that we should have seen more as global and domestic economies sent strong signals of a sputtering recovery.

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Early in the week, we saw a flight to safety as the market fully digested the previous week’s employment report. This movement to the bond market continued as worsening employment, fear of Spanish debt default and an ever-worsening Middle East situation provided more incentives to find safe havens for investment and a 10-year Treasury auction provided more opportunity. In the end, rates for the best-case scenarios hovered in the high 4% – low 5% range.

My mortgage rate lock advice is optimistic, but cautious. I am now recommending that my clients FLOAT regardless of closing date. This is, of course, with the additional advice that this opportunity will only reward those most vigilant borrowers who keep their ears to the ground for quick changes.

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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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