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.
Friday’s bond market has opened in positive territory yet again following early stock softness and weaker than expected housing news. The stock markets are showing minor losses with the Dow down 10 points and the Nasdaq down 8 points. The bond market is currently up 13/32, which should improve this morning’s mortgage rates by approximately .250 of a discount point.
This morning’s early losses in stocks puts the Dow back down close to its 13,000 point threshold. The Nasdaq is still farther away from its 3,000 point level, but is getting close enough to draw attention. It will be interesting to see if they act as support levels now that both indexes finally crossed them. That would mean that stock buyers would step in as the indexes get closer, likely pushing them higher. On the other hand, if they fall below those levels, 13,000 and 3,000 could become resistance levels that would probably translate into more stock weakness as sellers shed holdings. The latter would be good news for bonds as investors would likely shift funds back into bonds. It appears that this will be more of a topic or issue next week, but is certainly worth watching.
Today’s only relevant economic news was February’s New Home Sales report. The Commerce Department said that newly constructed home sales fell 1.6% last month, falling short of expectations. An increase in average sales price somewhat offsets the favorable news of weaker than expected number of sales. However, the bond market doesn’t seem too concerned with the data, helping to improve this morning’s mortgage pricing slightly.
Next week brings us the release of a handful of relevant economic reports for the markets to digest. In addition to the data, we also have two potentially influential Treasury auctions the middle part of the week. There is relevant economic data each day except Monday, but Fed Chairman Bernanke does have a public speaking engagement early Monday morning. It is not likely to influence the markets or mortgage pricing, but the possibility always exists when he speaks. Look for details on next week’s data and other events that are relevant to mortgage rates 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... 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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