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.
Today’s only relevant economic data was July’s New Home Sales that was posted late this morning. The Commerce Department reported that sales of newly constructed homes fell for the fourth straight month in July, but came close to analysts’ forecasts. A downward revision to June’s sales figures meant that June and July’s sales were close to each other. This makes the data relatively neutral to the bond market and mortgage rates, however, it appears that the bond market is taking it as favorable since it renews concerns about the weak housing sector.
The Commerce Department will post July’s Durable Goods Orders early tomorrow morning, giving us an important measure of manufacturing sector strength. This data tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. A much weaker reading than the expected 1.9% rise that is expected would indicate that the manufacturing sector is not as strong as thought. This would be good news for bonds, but this data is known to be quite volatile from month-to-month. Therefore, it will take a large variance from forecasts for this report to have a noticeable impact on tomorrow’s mortgage rates.** Tomorrow also has the first of this week’s two Treasury auctions that have the potential to influence mortgage rates. 5-year Notes will be sold tomorrow and 7-year Notes on Thursday. Results of the auctions will be posted at 1:00 PM ET each day. If investor interest is strong in the auctions, we can expect the broader bond market to rally and mortgage rates to move lower. However, lackluster demand could lead to bond selling and higher mortgage rates tomorrow and Thursday afternoons.
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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