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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.

 Tuesday’s bond market has opened up slightly even though this morning’s only economic data showed stronger than expected results. The stock markets are posting early losses with the Dow down 9 points and the Nasdaq down 20 points. The bond market is currently up 5/32, but I don’t think we will see much improvement in this morning’s mortgage pricing.

The Commerce Department gave us today’s only relevant economic data with the posting of March's Factory Orders report late this morning. It revealed a 3.0% increase in new orders that exceeded forecasts by a fairly large margin. This is a sign of manufacturing sector strength that is not favorable to bonds and mortgage rates, but it appears the markets have not been impressed by the news. The report itself usually does not carry a high level of importance. However, the difference between the increase we saw this morning and the 1.8% rise that was expected could have caused bond prices to drop and mortgage rates to move slightly higher. The negative open in stocks seems to be helping to boost bond prices.

There are no important economic reports scheduled for release tomorrow. We do have a couple private sector employment related reports that may cause some reaction in the markets if they show significant surprises. It is likely though that they will have little, if any impact on tomorrow’s mortgage rates.

The quiet trading sessions yesterday and today could mean that market traders are waiting for Friday’s big news before making adjustments to their portfolios. That is when we will get April’s monthly employment figures. If this is the case, we should see a fairly calm afternoon in the markets and mortgage pricing that could carry into tomorrow’s trading. It is common to see traders get active immediately before the release of major economic data such as the monthly Employment report. This means that the likelihood of seeing movement in the major indexes and rates rises Thursday, so plan accordingly.

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 NYS and Florida Banking Depts. and our loans are arranged through third party providers.

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