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 opened in negative territory due to stock gains and mixed economic data. The stock markets reacted favorably to words of confidence out of Greece, pushing the Dow back above 12,000. The Dow was up 79 points while the Nasdaq gained 8 points. The bond market was down 5/32, which should keep this morning’s mortgage rates close to yesterday’s levels.
June’s preliminary reading to the University of Michigan’s Index of Consumer Sentiment was posted late in the morning, showing a reading of 71.8. This was lower than forecasts and a decline from May’s final reading, making it good news for the bond market and mortgage rates. Since consumer confidence dropped this month, it is believed consumers are less likely to make large purchases in the near future, limiting economic growth.
The Conference Board reported that May's Leading Economic Indicators (LEI) rose 0.8%. This was much stronger than thought, meaning that the index is predicting rapid economic growth over the next several months. That contradicts recent opinions and economic releases, but we have to consider this news not favorable for bonds and mortgage rates. Fortunately, the data is not considered to be highly important, preventing the mortgage market from reacting much to the news.
Next week brings us the release of a couple relevant reports, none of which will be posted Monday. In addition to the week’s economic data, there is a two-day FOMC meeting being held that could be the focal point of the week. Look for details on 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 Florida Banking Departments and our loans are arranged through third party providers.
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