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 was nothing of relevance scheduled for release today, so it is no real surprise were seeing a calm morning in trading as investors prepare for the rest of the week’s events that begin tomorrow. Alcoa’s earnings didn’t reveal anything too surprising last night, preventing much of a reaction in today’s stock trading. As the week and month progresses, we will get more earnings news that has the potential to influence the broader markets. However, they are a non-factor in today’s trading.
The first economic data of the week is May's Goods and Services Trade Balance report early tomorrow morning, which measures the size of the U.S. trade deficit. This data is not considered to be of high importance to the bond market and will not likely have much of an impact on mortgage rates. However, if it does vary greatly from analysts' forecasts of a $48.9 billion deficit, we may see some movement in bond prices and possibly a slight change in mortgage pricing. This is the least important of this week's events.
Tomorrow also has the afternoon release of the minutes from the last FOMC meeting. There is a possibility of the markets reacting to them following their 2:00 PM ET release, especially if they show unexpected dissention among some of its members during discussion and voting at the last meeting or give any indication of the Fed's possible next move with monetary policy. Of particular interest will be discussion about a potential QE3 program.
Lastly, tomorrow also has the first of two important Treasury auctions when 10-year Notes will be sold. That sale will be followed by a 30-year Bond auction Thursday. These sales can influence market trading in bonds and possibly affect mortgage rates. If the sales are met with a strong demand from investors, particularly tomorrow's sale, we should see afternoon improvements in bonds that could lead to downward revisions to mortgage rates. However, if buyers stay on the sidelines as they did with the recent 5-year and 7-year Note auctions, we may see bonds fall after results are posted at 1:00 PM ET and mortgage rates 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.
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