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.
Today’s only relevant economic data came late this morning when the Commerce Department reported that May’s New Home Sales spiked 7.6%. This was much stronger than expected and the largest jump since April 2010, indicating the new home portion of the housing sector was stronger than many had thought. That makes the data negative for bonds and mortgage rates, but fortunately today’s stock selling is creating a flight to safety situation as investors seek shelter from the volatility, benefiting bonds this morning.
The rest of the week brings us the release of five more pieces of economic data in addition to a couple of Treasury auctions that have the potential to influence mortgage rates. There is data scheduled for each day this week. None of the reports are considered to be highly important or labeled as market-movers, but they do carry enough significance to affect mortgage pricing if they show surprises in their results.
June's Consumer Confidence Index (CCI) is tomorrow’s sole report. It will be posted at 10:00 AM ET tomorrow morning and is important to the financial markets because it measures consumer willingness to spend. If consumers are more confident about their own financial situations, they are more apt to make large purchases in the near future. If it shows a sizable increase in confidence from last month, we can expect to see the bond market falter and mortgage rates rise slightly. Current forecasts are calling for a reading of 64.0, down from last month's 64.9 reading. The lower the reading, the better the news for bonds and mortgage rates.
Overall, tomorrow, Wednesday and Friday’s data should bring more volatility in trading and mortgage rates. It is difficult to label one particular day as the most important as none of them stand out as critical. In fact, another day of sizable movement in stocks could help determine which day was the most active for mortgage rates also.
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.
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