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 opened flat following a calm opening in stocks. The stock markets are mixed but flat with the Dow up a couple points and the Nasdaq down about the same. The bond market is currently down 2/32, which will likely push this morning’s mortgage rates higher by approximately .125 of a discount point.
April's New Home Sales report was posted late this morning, revealing an unexpected increase in sales of newly constructed homes. The 7.3% increase in sales was well above forecasts and was their best month since December. These results hint that the housing sector gained some strength last month, but this report tracks such a small portion of all home sales that it cannot be relied upon to be a good indicator of overall housing sector strength. The data was negative for bonds and mortgage rates because it points towards economic growth. However, the data has not had much of an impact on this morning’s trading or mortgage pricing.
Tomorrow’s only relevant economic data is April's Durable Goods Orders at 8:30 AM ET. This data gives us an indication of manufacturing sector strength by tracking orders at U.S. factories for big-ticket products. It is currently expected to show a decline in new orders of approximately 2.0%, indicating manufacturing sector weakness. That would be good news for the bond market and mortgage rates, but this data is known to be quite volatile. Therefore, a small variance from forecasts would likely have little impact on mortgage rates tomorrow.
The first of this week’s two Treasury auctions that may influence mortgage rates is also tomorrow. The Treasury will sell 5-year Notes tomorrow and 7-year Notes Thursday. Thursday’s sale is a better indication of investor demand for mortgage-related securities, but the 5-year auction is the first of the two so its influence on the broader bond market is often more than the 7-year sale is. If the sales are met with a good demand from investors, we could see bond prices rise and mortgage rates improve during afternoon hours tomorrow and/or Thursday. But, if we see a weak interest in the auctions, bond selling may follow along with upward revisions to mortgage pricing. Results of the sales will be posted at 1:00 PM ET each day, so any reaction will come 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... 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 Florida Banking Depts and our loans are arranged through third party providers.
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