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 in positive territory due to stocks being unable to extend yesterday’s gains. The major stock indexes are mixed with the Dow down 4 points and the Nasdaq up 3 points. The bond market is currently up 12/32, which should improve this morning’s mortgage rates by approximately .250 of a discount point over yesterday’s morning pricing.
The Conference Board gave us today’s only relevant economic news late this morning. They announced that March's Consumer Confidence Index (CCI) stood at 70.2 this month, very close to forecasts. However, an upward revision to February’s reading makes this month’s reading a larger decline than what was expected. That means we can consider this data neutral to slightly positive for mortgage rates.
Tomorrow also has one of the week’s more important economic releases. The Commerce Department will give us February's Durable Goods Orders early tomorrow morning. This report gives us a measurement of manufacturing sector strength by tracking new orders for big ticket items, or products that are expected to last three or more years. This data is known to be volatile from month to month but is still considered to be of fairly high importance to the markets. Analysts are expecting it to show an increase in new orders of approximately 2.8%. A much larger increase would be considered negative for bonds as it would indicate economic strength and could lead to higher mortgage rates tomorrow morning.
Also tomorrow is the first of two relatively important Treasury auctions that may also influence bond trading and mortgage rates. There will be an auction of 5 year Notes tomorrow and 7 year Notes on Thursday. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions to mortgage rates. However, strong sales usually make bonds more attractive to investors and bring more funds into the bond market. The buying of bonds that follows often translates into lower mortgage rates. Results of the sales will be posted at 1:00 PM ET auction day, so look for any reaction to come during afternoon hours.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float 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.
Comments(0)