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.
Friday’s bond market has opened in negative territory following stronger than expected employment data, but not as bad as we would expect considering the news. As expected, the stock markets are reacting favorably to the data with the Dow up 90 points and the Nasdaq up 19 points. The bond market is currently down 4/32, which with yesterday’s late weakness will likely push this morning’s mortgage rates higher by approximately .250 of a discount point.
The Labor Department said early this morning that the U.S. unemployment rate slipped to a two-year low of 8.8% and that 216,000 jobs were added to the economy in March. The unemployment rate was lower than expected and the payroll number exceeded forecasts, indicating employment sector strength and making this data bad news for the bond market and mortgage rates.
Today’s second report was the Institute for Supply Management’s (ISM) manufacturing index that came in at 61.2. This was slightly lower than forecasts of 61.4, meaning manufacturer sentiment was a little softer than many had thought. That is basically good news for the bond market, but this was not enough of a variance to offset this morning g’s employment results.
This morning’s minor losses in the bond market and mortgage rates is actually somewhat encouraging considering the stronger than expected results from the Employment report. This could mean that bonds are ready to move higher after their recent downward trend. Or this just could mean that market traders simply were expecting better numbers than we had thought. Either way, the fact that the bond market has not showed a bigger response to the news could indicate good things to come in the immediate future. Let’s cross our fingers.
Next week is very light in terms of economic reports or related events that are relevant to mortgage rates. There is nothing of concern scheduled for release during the day Monday, so look for the stock markets to be the biggest influence on Monday’s mortgage pricing. We will address next week’s events 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 NYS and Fl Banking Depts and our loans are arranged through third party providers.
Comments(2)