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 Commerce Department reported early this morning that June's Durable Goods Orders fell 2.1%. This was well short of analysts’ forecasts of a 0.5% increase in new orders for big-ticket products, making it favorable for the bond market and mortgage rates. However, this data is known to be quite volatile from month-to-month, so the variance from forecasts is not nearly surprising as it would have been had it come in other monthly reports.
Still, it is a sign of weakness in the manufacturing sector that makes long-term securities such as mortgage-related bonds more attractive to investors.
The Federal Reserve will release its Beige Book bond market report later today. This report is named simply after the color of its cover, but it is considered to be important to the Fed when determining monetary policy during their FOMC meetings. It details economic activity and conditions by region throughout the U.S. Since Fed Chairman Ben Bernanke's testimony to Congress two weeks ago gave us a recent update, I don't think we will see any significant surprises in this report.
Also today is the first of this week’s two Treasury auctions that may affect bond trading and mortgage rates. The Treasury will sell 5-year Notes today and 7-year Notes tomorrow. Results of each sale will be posted 1:00 PM ET each day.
If investor interest is strong, we can expect the broader bond market to rally and mortgage rates to move lower. However, lackluster demand could lead to bond selling and higher mortgage rates this afternoon and possibly late tomorrow. There is no relevant monthly or quarterly economic data scheduled for release tomorrow, but we will get weekly unemployment figures from the Labor Department. They are expected to say that 415,000 new claims for unemployment benefits were filed last week. This would be a small decline in new claims, meaning the employment sector improved slightly last week. That would be negative news for the bond market, but since this report tracks only a single week’s worth of new claims, it will likely take a significant change in initial claims for it to influence mortgage rates noticeably. The larger the number of new claims, the better the news for the bond market and mortgage rates.
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... Lock 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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