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.
Yesterday’s afternoon release of the minutes from the last FOMC meeting didn’t reveal any major surprises but did indicate that there is concern about the economy and fiscal issues late next year. They hinted that the Fed may be prepared to do something to help boost economic growth if the economy does not pick up momentum on its own. The leading ideas are a QE3 program or extending the current campaign of swapping short-term holdings to long-term debt, known as Operation Twist. The renewed optimism about more stimulus coming from the Fed helped boost bond prices late yesterday and caused some lenders to slightly improve mortgage rates.
There were two pieces of economic data posted this morning. The first came from the Labor Department, who announced that 370,000 new claims for unemployment benefits were filed last week. This matched the previous week’s revised total, meaning there was no change from two weeks ago to last week. Analysts were expecting to see a slight decline in new claims, so we could technically consider this data a bit favorable for bonds and mortgage rates. But, the truth is that it doesn’t carry enough significance to influence trading or rates with such a minor variance. Therefore, we are considering the data to be neutral and a non-factor in today’s pricing.
The second of the morning and the final report of the week was April's Leading Economic Indicators (LEI). The Conference Board said late this morning that the LEI fell 0.1% last month when it was expected to rise 0.2%. This means the index is predicting flat economic growth over the next several months. That makes the results good news for mortgage rates, but unfortunately this data is also considered moderately important so its impact on today’s bond trading and mortgage pricing has been minimal.
There is nothing of relevance scheduled for release tomorrow, so look for the stock markets and news from Greece to be the biggest factors in changes to mortgage pricing tomorrow. Stock gains will likely translate into bond weakness and higher mortgage rates, while stock losses should lead to an improvement to rates. Any progress in the Greece political stalemate will also influence the markets, particularly if something gives that indicates the current bailout agreement in place will be honored. That would probably fuel a stock rally and bond selling, meaning mortgage rates could move higher.
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... Lock 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(1)