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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.
Monday’s bond market is starting the week in negative territory as stocks begin with fairly strong gains. The stock markets are reacting to encouraging news from overseas, pushing the Dow up 152 points and the Nasdaq up 39 points. The bond market is currently down 19/32, but this morning’s mortgage rates should remain very close to Friday’s morning pricing due to strength in bonds Friday afternoon.
As the major stock indexes gave back their morning gains Friday, bonds improved as the day progressed. This caused some lenders to revise their mortgage pricing slightly lower during afternoon hours, but many opted to wait until this morning’s open to reflect that improvement. As a result, this morning’s losses more or less offset Friday’s afternoon improvement, keeping mortgage rates nearly unchanged.
October's Factory Orders report was released late this morning, revealing a 0.4% decline in new orders for both durable and non-durable goods at U.S. factories. This pegged forecasts, making the data neutral towards bond trading and mortgage rates. It does hint at manufacturer weakness, but this report is not important enough to the markets to influence trading or mortgage pricing unless it shows a sizable variance from expectations.
The rest of the week is fairly light in terms of economic releases. There are only two more monthly or quarterly reports on the agenda that have the potential to influence mortgage rates and neither of them is considered to be highly important. Both of them don’t come until Friday morning. That means that the stock markets could be the focal point the next couple of days.
Overall, I don't believe we will see as much volatility in the stock markets as we saw last week though. Interestingly, despite the sizable rally in stocks last week, mortgage rates didn’t take much of a hit. Even though mortgage bonds showed resilience last week, I still think that the upward risk outweighs the likelihood of seeing noticeable improvements in rates in the immediate future. Therefore, 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... Lock if my closing was taking place between 21 and 60 days... Lock 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.