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.
There were two pieces of relevant economic data released Friday morning. May's Personal Income and Outlays report was first at 8:30 AM ET. It revealed a 0.2% increase in personal income that exceeded forecasts of a 0.1% rise. That would be the negative part of the report. The good news came in the spending reading that showed no change from April’s level, falling short of the 0.1% increase that forecasted. The increase in income means consumers had a little more money to spend than expected, but the spending reading showed they didn’t actually spend it.
The University of Michigan revised their Index of Consumer Sentiment for May, announcing a reading of 73.2. This was lower than the initial estimate and short of forecasts of 74.1, meaning surveyed consumers were less optimistic about their own financial situations than many had thought. That makes the data favorable for the bond market because waning confidence means consumers are less likely to spend in the near future. This is good news for mortgage rates and has helped prevent a larger increase in this morning’s pricing, but the data is not important enough to undermine the stock rally and the shifting of funds away from bonds that we are seeing in morning trading.
Next week doesn’t bring us many economic reports for the markets to digest, but most of what is being posted is considered highly important and extremely influential to mortgage rates. Also, it will be a holiday-shortened week with the Independence Day holiday falling in the middle part. There is important data being posted Monday with the release of the Institute for Supply Management (ISM) manufacturing index at 10:00 AM ET. It is one of the week’s key reports, but look for details on the entire week’s activities in Sunday’s weekly preview.
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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