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 said early this morning that 401,000 new claims for unemployment benefits were filed last week. This was up from the previous week’s total, but just a hair shy of the 402,000 claims that were expected. Since this report tracks only a single week's worth of new claims, it usually takes a sizable variance from forecasts for this data to affect mortgage rates. Today’s results were not nearly enough to affect trading or mortgage pricing.
With today’s bond losses, we are nearing 2.00% on the 10 year Treasury Note. This would normally be worth reviewing our predictions for mortgage rates, at least the short term outlook. However, with the extremely important data we are seeing tomorrow morning, it is prudent to wait and see what it brings before changing anything. It appears that the stock markets are not too concerned about what we will see, but the bond market is. Accordingly, proceed extremely cautiously for the next day or so if still floating an interest rate.
Tomorrow’s data is the almighty monthly Employment report. The Labor Department will post September's data early tomorrow morning, giving us the U.S. unemployment rate, number of new payrolls added or lost during the month and average hourly earnings. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets and mortgage rates. The ideal scenario for the bond market and mortgage shoppers are rising unemployment, falling payrolls and a drop in earnings.
If the report gives us weaker than expected readings, indicating a further softness in the employment sector, bond prices should move higher and we should see lower mortgage rates tomorrow. However, stronger than forecasted readings could cause a sizable spike in mortgage rates. Analysts are expecting to see the unemployment rate remain at 9.1%, an increase of 60,000 new jobs from August's level and a 0.2% increase in earnings.
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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