If you are looking for a Mortgage Professional who will give you the type of service that you deserve, contact Bob Amato (NMLS # 8632) and Empire Home Mortgage Inc. (NMLS # 44882). We answer our phones seven days a week until 9PM. Put us to the test! Our toll free number is (866) 742-5227.
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If you are considering locking in an interest rate for a New York mortgage or a Florida mortgage, read this post.
Friday’s bond market appears to be closing the week in negative territory as investors prepare for upcoming events, including the potential Government shutdown. The stock markets are relatively calm with the Dow up 9 points and the Nasdaq nearly unchanged from yesterday’s close. The bond market is currently down 9/32, but I don’t believe we will see much of a change in this morning’s mortgage rates.
There is no relevant economic news scheduled for release today. This is probably hurting bond prices since it leaves attention on the geopolitical and financial issues overseas and the pending shutdown of our government that will take place at midnight tonight if the budget impasse is not resolved. The potential shutdown creates uncertainty in our markets and trading from overseas, making government securities less appealing to traders. The good news is that once the issue is resolved, we should see the losses recovered that came as a result of it.
Accordingly, I am holding the optimistic outlook towards mortgage rates, at least for the time being. There are a couple of factors that lead me to believe that the potential for lower rates in the immediate future outweigh the risks. The recent range in bond prices allows for bonds to improve and despite some weakness in Treasuries this week, we have not seen mortgage rates move much higher.
If the major stock indexes remain where they are now, bond prices and mortgage rates will likely follow suit today. If we do get news about the budget issue during trading hours, expect the markets to react. That could lead to afternoon volatility, but I have a feeling that we won’t get any concrete news about the matter until later this afternoon or evening.
Next week has several important reports scheduled for release an extremely important measure of consumer spending and two key inflation readings. Nothing of significance is due for Monday, so we can expect this evening’s news to drive bond trading and mortgage rates Monday. Look for more details on next week’s event 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... Float if my closing was taking place between 8 and 20 days... Float 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/any other borrowers.
Empire Home Mortgage Inc. is a registered Mortgage Broker with the NYS and Fl Banking Depts and our loans are arranged through third party providers.
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