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 came from the National Association of Realtors, who reported that home resales rose 3.4% last month, falling just a bit short of expectations. Still, it was a sizable increase, indicating strength in the housing sector. That makes the data negative for bonds and mortgage rates because a strengthening housing sector makes a broader economic recovery more likely.
Tomorrow has another housing sector report scheduled with the release of April's New Home Sales data at 10:00 AM ET. It is the sister report of today’s Existing Home Sales, but tracks a much smaller portion of housing sales than today’s report does. Actually, it is the least important release of the week and probably will not have much of an impact on mortgage pricing unless it shows a significant surprise. It is expected to show gains in sales from March's level, meaning the new home portion of the housing sector also strengthened last month.
We also have the 5-year Treasury Note sale tomorrow that can influence bond trading and mortgage pricing. A strong demand from investors could help fuel buying in the broader bond market, leading to improvements in mortgage rates tomorrow. However, a weak demand could have the opposite effect on bonds and mortgage rates. Results of the sale will be posted at 1:00 PM ET, tomorrow, so any reaction will come during afternoon hours.
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 and Florida State Banking Departments and our loans are arranged through third party providers.
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