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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.
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 mortgage or a Florida mortgage, read this post.
Friday’s bond market has opened well into positive territory despite some mixed economic news. The stock markets are showing relatively minor gains with the Dow up 42 points and the Nasdaq up 3 points. The bond market is currently up 20/32, which should improve this morning’s mortgage rates by approximately .250 - .375 of a discount point over yesterday’s morning rates.
We had three relevant economic reports released this morning. The first was March's Consumer Price Index (CPI) that showed a 0.5% increase in the overall reading and a 0.1% rise in the core data. The overall reading matched forecasts, but the more important core reading fell slightly short of the 0.2% that was expected. That makes this data fairly good news for the bond market and mortgage rates because it indicates that inflationary pressures were not as strong as thought last month, at least not at the consumer level of the economy.
March's Industrial Production report was posted mid-morning, revealing a stronger than expected 0.8% increase in output at U.S. factories, mines and utilities. Analysts were expecting to see a 0.6% rise, meaning that manufacturing activity was stronger than thought last month. This is negative news for bonds, but since this data is considered to be only moderately important to the markets and mortgage rates, this news has not had a big influence on this morning’s rates.
The third and final release of the day came from the University of Michigan, who posted their Index of Consumer Sentiment late this morning. They announced a reading of 69.6 that was noticeably stronger than the 66.5 that was predicted. That means surveyed consumers were more optimistic about their own financial situations this month than many had thought. That is unfavorable news for bonds and mortgage rates because it hints that consumers are more apt to make large purchases in the near future, fueling economic activity. However, the bond market appears not to be too concerned with these results, to the benefit of mortgage shoppers.
Yesterday’s 30 year Bond auction actually went very well. The bond market reacted well and improved right after results were announced. However, those gains in bonds could not hold and the market closed below where it was prior to the auction’s results being posted. This led to some lenders revising rates slightly higher during late afternoon trading, but many may have waited until this morning’s pricing to reflect that change.
Next week is fairly light in terms of economic releases that are scheduled but it is a holiday-shortened week (Good Friday). Most of the data that is due to be posted is related to the housing sector, with none of them considered to be of high importance. We also have week two of earnings season that will influence stock trading and possibly the bond and mortgage markets. There is nothing of immediate concern scheduled for Monday, so the stock markets will likely drive bond trading and mortgage rates. Look for 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... 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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.