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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 Institute for Supply Management (ISM) gave us this morning’s economic data with the release of their manufacturing index for September. They announced a reading of 51.6 that exceeded forecasts of 50.5. This means that more surveyed manufacturers felt business improved than last month, giving us a sign of growth in the manufacturing sector of the economy. That is bad news for the bond market and mortgage rates because a strengthening manufacturing sector boosts the likelihood of economic growth that makes long-term securities less attractive to investors.

 Tomorrow’s data will come from the Commerce Department. They will post August's Factory Orders data at 10:00 AM ET. This manufacturing sector report is similar to last week's Durable Goods Orders release, but also includes orders for non-durable goods. It can impact the bond market enough to change mortgage rates if it varies from forecasts by a wide margin. Analysts are forecasting a decline of 0.1% in new orders, meaning manufacturing activity slowed in August. This would be good news for the bond market and mortgage pricing, but I believe we will need to see a much larger decline than 0.1% for this data to create an improvement in rates.

 Fed Chairman Bernanke will speak before a congressional panel late tomorrow morning about the economy and monetary policy. As is the case whenever he speaks publicly, all eyes will be on his words. I am sure he will be drilled from members of the committee about the Fed’s intentions on getting the economy moving. It will be interesting to see what type of questions get thrown at him. Market participants will be looking for any indication of what their next move will be. There is a high likelihood of seeing a good deal of volatility during his testimony and the Q&A portion that will follow, helping to make tomorrow one of the more important days of the week.

 After tomorrow, there is only one remaining piece of monthly economic data scheduled that is relevant to mortgage rates. However, that report (Friday’s monthly Employment report) is arguably the single most influential piece of economic data we see each month. It carries significant importance in the bond, stock and mortgage markets, so expect to see an active day in rates Friday also.

 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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