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.
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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.
Friday’s only relevant economic data came from the Labor Department, who gave us June’s employment figures. They announced that the unemployment rate remained at 8.2% and that 80,000 new jobs were added to the economy during the month. The unemployment rate was expected to remain unchanged but analysts were predicting 100,000 new jobs were added. This indicates that the employment sector was weaker than thought last month, making the results generally favorable for mortgage rates.
However, there were a couple of figures that are worth noting that weren’t good news for bonds. The first was the average hourly earnings reading that came in at 0.3%, exceeding forecasts of a 0.2% rise. This hints that consumers have more money available to spend and raises the possibility of wage inflation if future months show similar increases. In addition, upward revisions in May’s payroll numbers and average earnings show that the sector was a little stronger than many had thought. However, the payroll revision still keeps the revised total new jobs (77,000) in May well below the level that is considered needed for economic growth and reduction in the unemployment rate. That is why we have seen the markets react to June’s headline numbers, which has been good for mortgage shoppers this morning.
Friday’s reaction in the markets was not a complete surprise. We did get a disappointing payroll number, helping to fuel the stock selling and bond rally that we saw yesterday morning. But I don’t think it was a big enough surprise to influence trading and mortgage rates next week. It seems to me that it is more of a situation of another ho-hum report than it is truly disappointing and unexpected results that will change opinions about the economy and directions of the markets for the near future. Accordingly, I am holding my conservative approach towards interest rates for the time being.
Next week also has only a couple relevant economic reports scheduled, as this week did. But in addition to the few reports on the calendar, we also get the minutes from the last FOMC meeting and two Treasury auctions that are likely to influence bond trading and mortgage rates. There is nothing of importance scheduled for Monday, but look for details on the 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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