Mortgage Rate Lock Advisory for New York and Florida Mortgage Rates for Wednesday, August 22, 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.

 The National Association of Realtors gave us today’s only economic data late this morning. They announced that home resales rose 2.3% last month, falling just short of forecasts. This means that the housing sector improved slightly last month, but since it was close to analysts’ forecasts, its impact on this morning’s bond trading and mortgage pricing has been minimal.

 Tomorrow has two relatively minor pieces of economic data scheduled for release. The first is the weekly unemployment update from the Labor Department, who is expected to announce that 365,000 new claims for unemployment benefits were filed last week. This would be little change from the previous week, indicating stability in the employment sector. Ideally, we would like to see a large increase in new claims, hinting at sector weakness as it would make longer-term securities such as mortgage-related bonds more attractive to investors. Since this report tracks only a single week’s worth of new claims, it usually takes a large increase or decline for it to influence mortgage rates.

 July's New Home Sales data will also be released tomorrow morning, but at 10:00 AM ET. This report is the least important release of the week. It will give us another indication of housing sector strength and mortgage credit demand, but only tracks a small portion of all home sales. It usually doesn't have a major impact on bond prices or mortgage rates unless it varies greatly from forecasts. Current forecasts are calling for an increase in sales of newly constructed homes from June to July.

 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... 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)

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?