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.
Tuesday’s bond market has opened well in negative territory following strength in stocks, both overseas and here. The stock markets here are extending yesterday’s rally and last night’s gains in overseas markets, drawing funds away from bonds. The Dow is currently up 276 points and the Nasdaq is up 59 points. The bond market is currently down 26/32, which with yesterday’s late weakness, should push this morning’s mortgage rates higher by approximately .250 - .375 of a discount point.
The Conference Board reported late this morning that September's Consumer Confidence Index (CCI) stood at 45.4, up slightly from August’s revised reading of 45.2. This indicates that surveyed consumers felt slightly better about their own financial situations than they did last month. However, the reading fell short of analysts’ forecasts, meaning consumers were not as optimistic as many had thought. That makes the data favorable for the bond market, but stocks are taking center stage today and are preventing any type of positive reaction to the news.
Tomorrow’s only relevant economic data is August's Durable Goods Orders. It gives us an indication of manufacturing sector strength by tracking orders for big-ticket items at U.S. factories. Big-ticket products are items that are expected to last three or more years, such as autos, electronics, machinery and airplanes. Analysts are expecting to see little change July’s orders. A large drop in new orders could help boost bond prices and cause mortgage rates to drop tomorrow because it would point towards manufacturing sector weakness. However, a sizable increase would indicate a stronger than expected manufacturing sector and would likely help push mortgage rates higher. It is worth noting that this data is known to be quite volatile from month-to-month, so a slight or moderate change may not affect mortgage pricing.
The Treasury will sell 5-year Notes tomorrow and 7-year Notes Thursday, which will tell us if there is still an appetite for medium-term securities. Trading over the past couple days hint that investor appetite may be waning. If demand in these sales is strong, particularly from international buyers, the broader bond market should move higher, pushing mortgage rates lower. But a lackluster interest from investors could lead to bond selling and higher mortgage pricing. Results will be announced at 1:00 PM ET each day, so any reaction to the results will come during afternoon trading tomorrow and Thursday.
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... Float 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 and Florida State Banking Departments and our loans are arranged through third party providers.
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