If you want a Mortgage Professional who will give the customer service that you feel you deserve, contact Bob Amato (NMLS # 8632) and Empire Home Mortgage Inc. (NMLS # 44882). We answer our phones seven days a week until 9PM. Need a pre approval letter on a Sunday at 5PM, call us! Put us to the test! Our toll free number is (866)742-5227. Visit our website, www.empirehomemortgageinc.com . There you can view rates, search for foreclosed properties in your area and get answers to all of your financing questions.
If you are considering locking in an interest rate for a New York Mortgage or a Florida Mortgage, read this posting.
Friday’s bond market has opened in positive territory despite stronger than expected results from today’s Employment report. Even more surprising is the stock markets’ reaction to the news. The Dow is currently down 58 points while the Nasdaq has lost 12 points. The bond market is currently up 8/32, which will likely improve this morning’s mortgage rates by approximately .250 of a discount point.
The Labor Department gave us today’s extremely important data. They announced that the unemployment rate slipped from 9.0% in January to 8.9% last month and that 192,000 new jobs were added. Analysts were expecting to see the unemployment rate rise to 9.1% and that 183,000 new jobs were added during the month. The report also revised January’s payrolls number higher by 27,000 jobs. This means that the employment sector was a little stronger in February than what analysts had expected, making the data negative for bonds and mortgage rates.
At least one would think so. It appears that yesterday’s stock rally had better numbers built into it than we saw this morning. In other words, stock traders were actually a little disappointed by the results, even though they exceeded analysts’ forecasts. This bodes well for mortgage shoppers as it has led to bond buying and lower mortgage rates. I also would not be surprised to see downward revisions to pricing later today if the markets remain near current levels.
January's Factory Orders was also released this morning, but it has had little influence on trading or mortgage rates. The Commerce Department announced a 3.1% increase in new orders at U.S. factories during January. This was also a larger increase than was expected, however, the markets don’t seem to be concerned. This is not really a surprise as the employment figures carry much more importance to the markets than this data does.
Next week has a couple of reports scheduled that are relevant to mortgage pricing, but only one is very important. None of the data is due to be posted until later in the week, so we should see the stock markets influence bond trading and mortgage rates the first couple of days. Look for more details on next week’s events in Sunday’s weekly preview.
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... Lock if my closing was taking place between 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 borrowers.
Empire Home Mortgage Inc is a registered Mortgage Broker with the NYS and Fl Banking Depts and our loans are arrnged through third party providers.
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