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Mortgage Rate Lock Advisory for New York and Florida Mortgage Rates for Wednesday, June 27, 2012

By
Mortgage and Lending with Bob Amato of Empire Home Mortgage Inc

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 gave us this morning’s only relevant economic data with the release of May's Durable Goods Orders. They reported that new orders at U.S. manufacturers for big-ticket products rose 1.1% last month, exceeding forecasts of a 0.5% increase. However, a secondary reading that excludes more volatile transportation-related orders showed an increase of 0.4% when it was expected to rise 0.7%. Overall, the data is mixed but uneventful because this report is known to show large variations from month-to-month. Therefore, it has had a minimal impact on today’s mortgage rates.

 Also today is the first of two Treasury auctions that have the potential to influence mortgage rates. Today has 5-year Notes being sold while 7-year Notes will be auctioned tomorrow. If they are met with a strong demand, we could see bond prices rise during afternoon trading. This could lead to afternoon improvements to mortgage rates also. But, if the sales draw a lackluster interest from investors, mortgage rates may move higher during afternoon trading these days. Results will be posted at 1:00 PM ET, so any reaction will come during afternoon hours.

 Tomorrow has two pieces of data scheduled, but neither is likely to have a noticeable impact on mortgage rates unless they show a significantly strong or weak results. The first is the Labor Department’s weekly unemployment update that is expected to show that 385,000 new claims for unemployment benefits were filed last week. That would be a small decline from the previous week, but since this report tracks only a single week’s worth of new claims, it usually takes a wide variance from forecasts for it to influence bond trading and mortgage rates.

 The second report is the final reading to the 1st Quarter Gross Domestic Product (GDP). The GDP is the sum of all products and services produced in the U.S. and is considered to be the best measurement of economic growth or contraction. However, this particular data is quite aged now (covers January through March) and will likely have little impact on the bond market or mortgage pricing unless it varies greatly from previous readings. Market participants are looking more towards next month's release of this quarter's initial GDP reading. Last month's first revision showed a 1.9% rise in the GDP, which is what analysts are expecting to see again.

 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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