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.
Another strong day in stocks yesterday led to more bond weakness. The selling accelerated during afternoon hours, causing the benchmark 10-year Treasury Note to close above 3.00%. As mentioned here over the past couple days, this move was not exactly surprising to me. I still believe that, at least at the moment, 3.00% is more of a floor than a ceiling. If this proves to be correct, we will likely see it move higher in the immediate future. Since mortgage rates tend to follow bond yields, this means higher rates for mortgage shoppers. This morning’s early gains pushes the yield down to 2.98%, so the next couple of trading days will help us determine which direction rates are heading. The rest of the day may bring additional volatility as investors close out another active week in stocks and bonds. If the major stock indexes move higher during afternoon trading, we may see more bond selling and upward revisions to mortgage rates later today. However, if stocks lose ground as the day progresses, bond prices could move higher and mortgage pricing lower. I would not be completely surprised to see the week wrap up with another change to mortgage pricing.
Next week brings us a handful of relevant economic reports, most of which are more important than any of this week’s economic reports were. We also will have two Treasury auctions to watch that may influence mortgage rates. None of them are scheduled for Monday, so any weekend news from overseas or our own debt limit issue will help drive trading and mortgage pricing that day. The important events begin Tuesday morning, but 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 New York State and Florida Banking Departments and our loans are arranged through third party providers.
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