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.
Tuesday’s bond market opened in negative territory after today’s only economic report showed stronger than expected results and stocks reacted favorably to it and earnings news. The stock markets showed sizable gains during early trading with the Dow up 114 points and the Nasdaq up41 points. The bond market is currently down 3/32.
A good portion of this morning’s increase in rates is more a result of weakness in mortgage bonds late yesterday than a reaction to today’s economic news. Many lenders revised pricing upward yesterday afternoon, so if your lender was one of them you may see less of a revision in today’s rates. Unfortunately, I still believe there is more room for rates to move higher than lower at this point. Without a catalyst to boost buying in bonds, I think there is little to influence enough buying to cause a noticeable drop in mortgage pricing this week.
The Commerce Department said early this morning that starts of new housing rose 14.6% last month, greatly exceeding forecasts. This hints at a strengthening housing sector, making it bad news for the bond market and mortgage rates. However, it is the least important data in a very light week, so it has not raised too much concern in the bond market.
Tomorrow has another housing report scheduled for release, but this one carries more significance than today’s release does. The National Association of Realtors will post June's Existing Home Sales figures late tomorrow morning. This report gives us a measurement of housing sector strength and mortgage credit demand, but as with all of this week's data it is not considered highly important. Current forecasts are calling for a small increase in sales from May's totals. A drop in sales would be considered good news for bonds and mortgage rates because a weak housing sector would make it difficult for the economy to recover anytime soon. However, unless this data varies greatly from forecasts it probably will lead to only a minor change in 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... 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/any other borrowers.
Empire Home Mortgage Inc. is a registered Mortgage Broker with the New York State and Florida Banking Departments and our loans are arranged through third party providers.
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