Special offer

Mortgage Rate Lock advisory for New York or Florida Mortgages for Tuesday, May 10, 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.

 Tuesday’s bond market has opened down slightly due mostly to early stock gains. The major stock indexes are in positive ground with the Dow up 44 points and the Nasdaq up 16 points. The bond market is currently down 2/32, which will likely push this morning’s mortgage rates slightly higher.

There is again no relevant economic data being posted today. The first semi-relevant data comes tomorrow morning, but it is the week’s least important report. I am expecting the stock markets to drive bond trading and mortgage rates today and likely tomorrow morning until we reach the important events that begin tomorrow afternoon. If the major stock indexes remain calm the rest of the day, mortgage rates will likely follow suit.

March's Goods and Services Trade Balance report will be released early tomorrow morning. This report gives us the size of the U.S. trade deficit but likely will not have much of an impact on the bond market or mortgage pricing. It is expected to show a $47.7 billion trade deficit, but it is the least important of this week's data and likely will have little influence on tomorrow's mortgage rates.

Also tomorrow is the first of this week’s two Treasury auctions that have the potential to influence mortgage rates. The Treasury will sell 10-year Notes tomorrow and 30-year Bonds on Thursday. Results of the auctions will be posted at 1:00 PM ET each day. If they are met with a strong demand from investors, we could see bond prices rise enough during afternoon trading to cause downward revisions to mortgage rates. However, lackluster bidding in the sale, meaning longer-term securities are losing their appeal, could lead to higher mortgage pricing during afternoon hours.

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... 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 Florida Banking Depts and our loans are arranged through third party providers.

Comments (0)