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 big economic news came from the Institute for Supply Management (ISM), who announced that their manufacturing index for April rose to 54.8 from March’s 53.4. This is negative news for bonds and mortgage rates because analysts were expecting a small decline in the index, not an increase. The higher than forecast reading means more surveyed manufacturers felt business improved last month than many had thought. That is an indication of manufacturing sector strength, making bonds less attractive. The difference between forecasts and the actual reading was enough to fuel stock buying and hurt bond prices late this morning.
Tomorrow has only moderately important economic data scheduled for release. The first usually has only a minimal impact on mortgage rates unless it shows a significant surprise from forecasts. It comes from payroll processor ADP, who will post their monthly report on private sector payroll changes. Analysts are expecting to see an increase of approximately 175,000 jobs, pointing towards employment sector. However, this is a non governmental report, so its results need to show a sizable variance from forecasts for them to have a noticeable influence on mortgage rates.
March's Factory Orders data is also being posted tomorrow morning, but during late morning hours. It will give us a measurement of manufacturing sector strength. It is similar to last week's Durable Goods Orders, except this report includes non-durable goods such as food and clothing. Generally, the market is more concerned with the durable goods orders like refrigerators and electronics than items such as cigarettes and toothpaste. This is why the Durable Goods report, usually has more of an impact on the financial markets than the Factory Orders report does. Still, a noticeably larger decline than the 1.8% that is expected could push mortgage rates slightly lower. But, an unexpected increase in new orders could lead to slightly higher mortgage pricing tomorrow.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float 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.
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