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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 initially opened in negative territory following a strong open in stocks, but has since moved into positive ground. The stock markets are reacting to positive news about Greece’s financial picture, pushing the Dow up 78 points and the Nasdaq up 14 points. The bond market is currently up 3/32, which will likely keep this morning’s mortgage rates at Friday’s morning levels.

 Today’s only economic data came late this morning when the Conference Board posted their Consumer Confidence Index (CCI). They announced a reading of 60.8 that was well below forecasts and April’s reading. Analysts were expecting to see a reading of 66.3, meaning that surveyed consumers were much less optimistic about their own financial situations than many had thought. This is good news for the bond market and mortgage rates because it indicates that consumers are less likely to make large purchases in the near future, limiting economic growth.

 The rest of the week brings us the release of four more relevant economic reports for the markets to digest. Two of the remaining reports are considered to be of very high importance to the bond market and mortgage rates. One of those highly important ones will be released late tomorrow morning when the Institute for Supply Management (ISM) will post their manufacturing index for May. This index measures manufacturer sentiment. A reading above 50 means that more surveyed manufacturing executives felt that business improved during the month than those who felt it had worsened. Analysts are expecting to see a 57.6 reading in this month's release, meaning that sentiment fell during May. A smaller reading will be good news for the bond market and mortgage shoppers while an unexpected increase could contribute to higher mortgage rates tomorrow.

 Overall, tomorrow or Friday is likely to be the most important day of the week as they bring us the two most important reports on the agenda. If they give us weaker than expected results, we could close the week with lower mortgage rates than this morning’s levels. However, if we see stronger than expected readings in those two releases, I expect mortgage rates to move higher on the week. But that is very much dependent on seeing a relatively calm week in stocks. As we have seen the past two weeks, stock market volatility can heavily influence bond trading and mortgage rates and significantly minimize the impact that these economic reports normally have on rates. Accordingly, it would be wise to maintain contact with your mortgage professional if still floating an interest rate.

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

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