Special offer

Mortgage Rate Lock advisory for New York or Florida Mortgages for Monday, April 11, 2011

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.

 Monday’s bond market has opened up slightly following a mixed open in stocks. The Dow is in positive territory with a gain of 36 points, while the Nasdaq has fallen 4 points. The bond market is currently up 3/32, which will likely improve this morning’s mortgage pricing by approximately .125 of a discount point.

There is no relevant economic data scheduled for release today. However, the rest of the week brings us plenty for the markets to digest. There are seven relevant economic reports scheduled along with two Treasury auctions and the opening of corporate earnings season. We can expect to see a fair amount of movement in the markets and mortgage pricing the remainder of the week.

The first report of the week comes early tomorrow morning but it is the least important one. February's Goods and Service Trade Balance will be posted at 8:30 AM ET. This data gives us the size of the U.S. trade deficit, but unless it varies greatly from forecasts, it likely will not cause much movement in mortgage rates. Current forecasts show a $45.7 billion trade deficit.

Wednesday will be one of the more active days of the week. This is due to the Commerce Department posting March's Retail Sales data, the release of the Fed Beige Book and the first of the week’s two important Treasury auctions when 10-year Notes will be sold.

Overall, look for the most movement in rates the middle part of the week. The Retail Sales and CPI reports (Wednesday and Friday respectively) are the biggest reports on the agenda. Either of them can cause significant movement in the markets and mortgage rates, so either Wednesday or Friday will probably be the most active day of the week. Look for the stock markets to influence bond trading and mortgage rates the first part of the week, but we can expect to see the most movement in rates the latter part. I am expecting it to be an active week for the mortgage market, so please maintain contact with your mortgage professional if still floating an interest rate.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float 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 (0)