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.
Thursday’s bond market has opened in positive territory despite the release of some mixed economic results and small gains in stocks. The Dow is currently up 23 points while the Nasdaq has gained 14 points. The bond market is currently up 6/32, which should improve this morning’s mortgage rates by approximately .125 of a discount point.
There were two pieces of economic data posted this morning that were semi relevant to mortgage pricing, but neither was expected to heavily influence rates. The Labor Department said early this morning that 403,000 new claims for unemployment benefits were filed last week. This was a smaller number than what forecasts were calling for, indicating the employment sector strengthened from the previous week. However, the fact that they remained above 400,000 is a good sign for the bond market and mortgage rates.
Late this morning, the Conference Board released March’s Leading Economic Indicators (LEI). They announced an increase of 0.4% in the LEI when analysts were expecting to see a 0.2%. Since this data attempts to predict economic activity over the next three to six months, the increase makes it bad news for the bond market. But fortunately since this data is not exactly a factual report it doesn’t carry the importance in the markets that many of the other releases do, limiting its impact on mortgage rates.
With tomorrow being Good Friday, the bond market will close at 2:00 PM ET this afternoon and will remain closed until Monday morning. The stock markets will trade regular hours today but will also be closed tomorrow. The long weekend may lead to some volatility in bonds this afternoon as investors protect themselves until Monday. I don’t believe this will impact mortgage rates, but the possibility does exist.
Next week is packed with economic data and relevant events, including some highly important ones. In addition to the data itself, we also have an FOMC meeting and a couple of Treasury auctions to watch out for. Monday does bring us some news with the release of March’s New Home Sales, but it is the week’s least important report. 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... 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 providers.
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