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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.**

 Yesterday’s 5-year Note auction appears to have been a disappointment to some traders. The benchmarks we use to gauge a successful auction mostly showed average results. This means that investor demand was not overly strong or particularly weak. Still, after results were posted, bonds extended earlier losses and closed down nearly a full point. This does not give us much to be optimistic about in today’s 7-year Note auction. Logic would say that an average auction would have little impact on afternoon trading and mortgage rates, but if yesterday is a template for today’s sale, we may need to see a strong interest from investors to prevent further upward revisions to mortgage rates later today. **

 The Labor Department said early this morning that 417,000 new claims for unemployment benefits were filed last week. This was an increase of 5,000 claims from the previous week’s revised total, making the data favorable for the bond market and mortgage rates. This is especially true because analysts were expecting to see a decline in new claims, meaning that the employment sector was weaker than thought last week. **

 Tomorrow morning has two economic reports scheduled for release in addition to a public speaking engagement by Fed Chairman Bernanke. The first of the two economic reports will be the first revision to the 2nd Quarter Gross Domestic Product (GDP). The GDP reading is the total of all goods and services produced in the U.S. and is considered to be the best measurement of economic activity. This reading is the second of three that we see each quarter. Last month’s preliminary reading revealed that the economy grew at an annual rate of 1.3%. Tomorrow’s revision is expected to show that the GDP actually rose only 1.1%. A larger than expected downward revision should help lower mortgage rates, especially if the inflation portion of the release does not get revised higher. There will be a final revision issued next month, but it probably will have little impact on mortgage rates. Tomorrow’s update can cause movement in the markets and mortgage rates, but usually only if it shows a significant revision from the initial estimate.**

 August’s revision to the University of Michigan’s Index of Consumer Sentiment is also due tomorrow morning, but will be posted at 9:55 AM ET. It helps us track consumer willingness to spend and is expected to show an upward revision from August’s preliminary reading of 54.9. If it revises lower, consumers were less confident about their personal financial situations than previously thought. This would be good news for the bond market and mortgage rates because waning confidence usually means that consumers are less likely to make large purchases in the near future. Analysts are forecasting a reading of 55.8, meaning surveyed consumers were more confident than previously thought. The lower the reading, the better the news for bonds and mortgage rates.**

 Mr. Bernanke will be speaking at 10:00 AM tomorrow morning at the Fed conference in Jackson Hole, Wyoming. He will be addressing current and future economic conditions, so his words are likely to influence the markets and mortgage pricing. What he will say and how it will impact the markets is difficult to predict, but I don’t believe we will hear anything that we haven’t recently heard. Still, there is always a possibility of the markets reacting heavily to his words so the event is certainly watching.**

 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 State and Florida Banking Departments and our loans are arranged through third party providers. 

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