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 National Association of Realtors announced late this morning that home resales fell 0.9% last month. This is good news for the bond market and mortgage rates because analysts were expecting to see an increase in sales. This indicates a softer housing sector than many had thought, making it favorable for bonds and mortgage rates.
There are two pieces of economic news scheduled for release tomorrow that are worth watching. The first is the weekly unemployment update from the Labor Department early tomorrow morning. They are expected to say that 355,000 new claims for unemployment benefits were filed last week, up a little from the previous week. This data tracks only a single week’s worth of new claims, so its impact on the bond market is fairly minimal unless it shows a wide variance from forecasts. The higher the number of claims, the better the news for bonds and mortgage pricing.
Late tomorrow morning, the Conference Board will post its Leading Economic Indicators (LEI) for February. This index attempts to measure economic activity over the next three to six months. It is considered to be moderately important, but likely will not have a significant impact on mortgage rates. Current forecasts are calling for a 0.6% increase, meaning it is predicting that economic activity will likely expand fairly rapidly in the coming months. A smaller than forecasted rise, or better yet a decline would be considered good 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... 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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