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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 positive territory, but has since given back those gains. The stock markets are mixed with the Dow down 92 points and the Nasdaq up 19 points. The bond market is currently down 14/32, which will likely push this morning’s mortgage rates higher by approximately .250 of a discount point.

 The Commerce Department reported this morning that new orders at U.S. factories fell 0.2% in August. This was slightly weaker than the 0.1% decline that was expected, but not nearly enough to influence the markets or mortgage rates. The data indicates that the manufacturing sector was softer than thought, however, not by enough of a margin to draw much attention.

 Fed Chairman Bernanke’s testimony this morning didn’t give us much to be concerned with or to get excited over. He reiterated that the Fed is ready to act if the economy continues to slow and that inflationary pressures were expected to remain subdued. An acknowledgement that the economy is a concern and that inflation is not a threat, are both considered good news for the bond market. However, it appears that the recent rally in bonds may have run its course, at least for the time being. With the yield on the benchmark 10-year Treasury Note down to 1.81%, it does not surprise me that some traders may sell holdings to capture profits from the most recent rally. It does not change the longer-term outlook, at least not yet, that mortgage rates will remain near current levels or move lower.

 Tomorrow and Thursday have nothing scheduled that should be of concern to mortgage shoppers. There are a couple of private sector reports due to be posted, but none of them have the potential to cause significant movement in mortgage rates. We will get last week's unemployment numbers from the Labor Department Thursday morning, but since it tracks only a single week's worth of new claims, its impact on the markets and mortgage rates is usually minimal. Worth noting though is the fact that this Thursday's report will cover the last week of the month that Friday's monthly report will include. Therefore, a significant surprise in Thursday's numbers could cause some analysts to revise their estimates for Friday's report and may influence mortgage rates slightly.

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

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