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.



November's Factory Orders report was today’s only relevant economic data, revealing a 1.8% increase in new factory orders for durable and non durable goods. This was a little softer than forecasts of a 2.1% rise, making it favorable for the bond market as it hints and weaker than expected economic activity. However, it was not enough of a variance in a moderately important report to influence this morning’s mortgage pricing.



Tomorrow’s only government economic data comes from the Labor Department, who is expected to say that 375,000 new claims for unemployment benefits were filed last week. This would be a decline from the previous week’s 381,000 claims, meaning the employment sector strengthened slightly last week. That would be negative news for the bond market and mortgage rates, but since this report tracks only a single week’s worth of new claims, it often has little impact on mortgage rates.



Also tomorrow morning is a couple of private sector releases on employment activity during December. These also usually do not lead to much of a change in bond prices or mortgage rates unless they show a significant surprise. However, with the Labor Department’s monthly Employment report for December coming Friday morning, we could see traders react more to these reports than they usually do as they could help alter predictions for Friday’s results. Basically speaking, signs of strength in the employment sector will likely lead to bond weakness and higher mortgage rates. On the other hand, surprisingly weak numbers could fuel bond buying and improvements to mortgage rates.



Yesterday afternoon’s release of the minutes from the last FOMC meeting did yield some interesting insight. During the last FOMC meeting, Mr. Bernanke and friends decided to be more open with their intentions and predictions for key short-term interest rates. They will make an announcement four times a year, starting with this month’s two day meeting January 24 and 25. The forecast will be forward looking for approximately three quarters, meaning the announcement later this month will be predicting short term rates for last quarter of this year. This will help the markets and businesses better plan for future borrowing and Fed moves. It likely will have little or no direct impact on the economy, but does help reduce the need for speculation and should help eliminate some of the volatility around the FOMC meetings. The news was well received by the bond market and contributed to yesterday’s afternoon strength in bonds.



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