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.
The Labor Department gave the first of Friday morning’s three relevant economic reports. They said that the Consumer Price Index (CPI) fell 0.2% last month, but that the core data reading rose 0.3%. The decline in the overall reading was good news because it was a little more than expectations. However, the more important core reading exceeded forecasts, meaning inflation at the consumer level of the economy grew at faster pace than many had thought. This is certainly negative news for the bond market and mortgages. Fortunately for mortgage shoppers, the difference between forecasts and the actual core reading was small.
June's Industrial Production data was released. This data measures output at U.S. factories, mines and utilities, giving us an indication of manufacturing sector strength. It matched forecasts with a 0.2% increase in production, making it a non-factor in today’s trading and mortgage pricing.
The third release of the morning and the final report of the week did give us a surprise reading. The University of Michigan's Index of Consumer Sentiment was posted late this morning, revealing a reading of 63.8. That was well below forecasts and the lowest reading since March 2009. This means that surveyed consumers were much more pessimistic about their own financial situations than many had expected, making this good news for the bond market and mortgage rates because falling confidence translates into weaker levels of consumer spending. This news was a good portion of the reason bonds rebounded this morning.
Next week has little scheduled that we need to be concerned with. There are a couple of housing reports due to be posted and moderately important forward predicting index, but not much more. None of the data is scheduled for release Monday. Therefore, expect the stock markets and any weekend news from overseas or our debt ceiling issue to be the biggest influence on bond trading and mortgage rates Monday. Look for more 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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