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.
The Commerce Department said early this morning that sales of newly constructed homes fell 2.3% last month. This was a little larger decline than was expected, indicating that the housing sector is still soft, but it was not enough of a variance to impact bond trading or mortgage rates.
There are five more pieces of economic data scheduled for release this week that may influence mortgage pricing, in addition to two relevant Treasury auctions. None of the data is considered to be extremely important to the markets, but they do have the potential to cause changes in mortgage rates, especially if a couple of them show significant surprises. Besides the data, we should keep an eye on the major stock indexes also. If they remain in positive ground, we could see the bond market fall further into negative territory and mortgage rates move higher.
Late tomorrow morning, the Conference Board will post September's Consumer Confidence Index (CCI). It gives us a measurement of consumer willingness to spend and is expected to show an increase in confidence from last month's reading, indicating that consumers were more optimistic about their own financial situations than last month. Rising confidence is believed to mean consumers are more likely to make a large purchase in the near future. This is bad news for the bond market and mortgage rates because consumer spending fuels economic growth. Analysts are calling for a reading of approximately 46.6, up from August's 44.5 reading. The smaller the reading, the better the news for the bond market and mortgage rates.
Overall, it is likely going to be a fairly active week in the markets and mortgage rates again, but probably not by last week’s standards. The most important day will probably be Wednesday or Friday, but tomorrow's data can also influence mortgage rates. This is one of those weeks that I recommend maintaining contact with your mortgage professional if still floating an interest rate.
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 New York and Florida State Banking Departments and our loans are arranged through third party providers.