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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.

 Monday’s bond market initially opened in negative territory following Standard & Poor’s warning about their rating of U.S. debt. The stock markets have fallen sharply with the Dow down over 200 points and the Nasdaq down 48 points. The bond market is currently up 3/32, which with Friday’s late strength should improve this morning’s mortgage rates by approximately .125 - .250 of a discount point.

There is nothing scheduled for today that is relevant to mortgage rates. The downgrade by Standard & Poor has caused concern in the stock markets, but ironically, it is the government issued debt that is in positive territory this morning. They did not lower their rating of U.S. debt yet, but did for a lack of better terms issued a warning that it may come if a plan to reduce the deficit does not happen soon. That has stock traders on edge and has sent stocks into selling mode. Fortunately, bonds have benefited from that volatility, as has mortgage rates. Look for the stock markets to have the biggest impact on bond trading and mortgage pricing the remainder of the day. If the major stock indexes remain near current levels, bond prices and mortgage rates should follow suit.

This holiday shortened week has only three economic reports scheduled and none of them are considered to be highly important to the financial or mortgage markets. March's Housing Starts is the first data, coming early tomorrow morning. It gives us a measurement of housing sector strength and mortgage credit demand by tracking starts of new home construction and the number of permits issued for future starts. This data usually doesn't cause much movement in mortgage pricing unless it varies greatly from forecasts. It is expected to show an increase in construction starts of new homes. Good news for the bond market and mortgage rates would be a decline in home starts, indicating housing sector weakness.

The bond market will close early Thursday and will remain closed Friday in observance of the Good Friday holiday. The stock markets will be open Thursday for a full day of trading, but will also be closed Friday. The markets will reopen for regular hours Monday morning. The early close and Friday holiday may lead to some volatility in bonds Thursday afternoon as investors protect themselves over the long weekend. I don’t believe that this volatility will necessarily impact mortgage rates, but the possibility does exist, especially if the preceding days were active.

Overall, it is difficult to label one particular day as the most important of the week with no key economic data or other events scheduled. A good part of the week will likely be heavily influenced by the stock markets. If the major stock indexes rally, bonds will likely suffer and mortgage rates will move higher. If stocks fall, we could see mortgage rates move lower the next few days. There is nothing on the agenda that is of much concern, but keep an eye on the markets and maintain contact with your mortgage professional if still floating an interest rate as conditions can change at any time.

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 NYS and Fl Banking Depts and all loans are arranged through third party providers.

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