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Mortgage Rate Lock Advsiory for New York and Florida Mortgage Rates For Friday,aPRIL 27, 2012

By
Mortgage and Lending with Bob Amato of Empire Home Mortgage Inc

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.

 There were three reports released yesterday morning, but the big news was the initial reading of the 1st quarter Gross Domestic Product (GDP). The GDP is considered the benchmark reading of economic growth because it is the sum of all products and services produced in the U.S. This release revealed that the economy grew at an annual rate of 2.2% the first three months of the year, falling short of forecasts (2.5%) and well below the 3.0% pace of the last year’s 4th quarter. This means that economic activity was much softer than many had thought, making the data extremely favorable for bonds and mortgage rates. Unfortunately, traders appear to be distracted from the news.

 The Labor Department gave us the second report of the day with the release of the 1st Quarter Employment Cost Index (ECI). It showed a 0.4% increase, just missing expectations of 0.5%. That makes the data good news for bonds and mortgage rates also as it is considered to be a measure of wage inflation. Any type of inflationary increase is thought of as bad news for bonds. Lower levels of inflation make long-term securities such as mortgage related bonds more attractive to investors, keeping mortgage rates lower.

 Also released this morning was the revision to the University of Michigan's Index of Consumer Sentiment for April. It came in with a reading of 76.4 that exceeded forecasts of 75.7. This means surveyed consumers were a little more confident about their own financial situations than previously thought. However, the margin between forecasts and the actual reading was not enough to cause much concern in the markets.

 Yesterday was a very quiet day as we headed into the weekend. It was a bit surprising considering the importance of the economic data and renewed concerns about overseas financial issues, particularly another downgrade to Spain’s credit.

 Next week is going to be another active one in terms of economic reports and other events that have the potential to influence mortgage rates. There is relevant economic data scheduled for release each day next week, including Monday’s posting of March’s Personal Income and Outlays report. The week’s calendar includes two highly important reports, one of which is April’s Employment figures. Look for details on next week’s events 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... 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.

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