Special offer

Mortgage Rate Lock advisory for New York or Florida Mortgages for Wednesday, July 20, 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.

 Wednesday’s bond market opened in negative territory, despite weaker than expected housing news. The major stock indexes have fluctuated in early trading.The bond market was down 12/32.

The National Association of Realtors said late this morning that home resales fell 0.8% last month, indicating further housing sector weakness. Analysts were expecting an increase in sales, making this good news for the bond market and mortgage rates. Unfortunately, it appears that bond traders aren’t too impressed by the data.

Tomorrow has two economic reports scheduled for release, neither of which is considered to be highly important. The first will come at 8:30 AM ET when the Labor Department gives us last week’s unemployment figures. They are expected to announce that 411,000 new claims for unemployment benefits were filed last week. This would be an increase from the previous week, making it favorable news for the bond market and mortgage rates. The higher the number of new claims, the better the news for mortgage pricing. However, since this report tracks only a single week’s worth of initial claims, it likely will not heavily influence the markets or mortgage rates unless it shows a sizable drop or spike in new claims.

June's Leading Economic Indicators (LEI) will be posted at 10:00 AM tomorrow morning. This Conference Board index attempts to measure economic activity over the next three to six months. While it is not a factual report, it still is considered to be of moderate importance to the bond market. It is expected to show a 0.3% increase, meaning that we may see a gain in economic activity over the next few months. A smaller rise in the index, or better yet a decline, would be good news for the bond and mortgage markets.

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 New York State and Florida Banking Departments and our loans are arranged through third party providers.