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.
Tuesday’s bond market opened up slightly despite stronger than expected housing news and a relatively calm open for stocks. The major stock indexes are currently mixed with the Dow up 8 points and the Nasdaq down 6 points, but both were showing gains during early trading. The bond market is currently up 6/32, which will likely improve this morning’s mortgage pricing by approximately .125 - .250 of a discount point over yesterday’s morning rates.
Today’s only economic data came from the Commerce Department, who announced a 7.2% increase last month in construction starts of new homes. This was a bigger increase than was expected and brought the number of new starts to their best level in six months, indicating potential growth in the housing sector. On it's face value, this is bad news for the bond market and mortgage rates because it points toward economic growth. However, this data is not considered to be one of the more important releases we get each month. That’s why today’s news has not had a negative impact on this morning’s mortgage rates.
Also worth noting this morning was a reassurance from U.S. Treasury Secretary Geithner that there is "no risk" to the U.S. losing its AAA rating on its issued debt. This is basically good news for the markets in general but has helped calm stock trader’s concerns. The news from Standard & Poor yesterday was more or less a warning that a change could come within two years if progress is not made on the deficit issue. I suspect that Washington will come to a compromise sooner or later and the rating issue will become a non factor.
March's Existing Homes Sales numbers will be posted late tomorrow morning by the National Association of Realtors. This report also gives us an indication of housing sector strength and mortgage credit demand, but is considered more important to mortgage rates than today’s report was. It can influence mortgage pricing if it shows a sizable variance from forecasts. Ideally, the bond market would like to see a drop in home resales because a soft housing sector makes a broader economic recovery difficult. Analysts are expecting to see an increase in sales between February and March. The larger the increase, the worse the news for bonds and 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 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 poviders.
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