If you want a Mortgage Professional who answers his phones seven days a week until 9PM, contact Bob Amato (NMLS #8632) and Empire Home Mortgage Inc. (NMLS # 44882). Our toll free number is (866) 742-5227. Put us to the test! Visit our website, www.empirehomemortgageinc.com . There you can get answers to all of your financing questions, view rates and search for foreclosed properties.
If you are considering locking in an interest rate for a New York or Florida mortgage, read this post.
Tuesday’s bond market has opened down slightly with no relevant economic data to drive trading and stocks showing minor gains. The Dow is currently up 22 points and the Nasdaq has gained 2 points. The bond market is currently down 4/32, which will likely push this morning’s mortgage pricing higher by approximately .125 - .250 of a discount point.
Since there is no relevant economic data or related events scheduled for today, look for the stock markets to be the biggest influence on bond trading and mortgage rates. If the major stock indexes stage a rally, we will probably see bonds suffer and mortgage rates revise higher this afternoon.
Tomorrow also doesn’t have any economic news scheduled, but does have a speaking event for Fed Chairman Bernanke and the first of this week’s two relevant Treasury auctions. But these will be the first important events of the week that could affect the bond market and mortgage rates. Mr. Bernanke’s congressional testimony before the House Budget Committee will be late morning, while the results of the 10-year Note auction will be posted early afternoon.
10-year Notes will be sold tomorrow and 30-year Bonds on Thursday. The 10-year Note sale is the more important one as it will give us an indication for demand of mortgage related securities. If the sales are met with a strong demand from investors, we should see the bond market move higher tomorrow afternoon. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer term U.S. securities and lead to broader bond selling. The selling in bonds would likely result in upward afternoon revisions to mortgage rates.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place be tween 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Empire Home Mortgage Inc. is a registered Mortgage Broker with the NYS Banking Dept and our loans are arranged through third party providers.