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.



Wednesday’s bond market has opened in negative territory following a rebound in stocks. The stock markets are recovering a good part of yesterday’s losses with the Dow up 167 points and the Nasdaq up 28 points. The bond market is currently down 17/32, which will likely erase approximately .250 of yesterday’s improvements to mortgage rates.



There is no important governmental economic data scheduled for release today. The private sector employment related reports that were posted this morning showed results that can be considered good for stocks and negative for bonds. However, they didn’t have much influence in this morning’s mortgage rates as the markets are anxiously awaiting this afternoon’s events.



The FOMC meeting that began yesterday will adjourn at 12:30 PM ET today. There is no possibility of the Fed changing key short-term interest rates at this time, but market participants will be looking at the post meeting statement for any indication of when the Fed may make a move, particularly to help boost economic activity. This is especially true following recent concerns about the global economy. The adjournment time is different than most of the meetings, so any reaction to the statement will come during EARLY afternoon hours rather than the traditional middle afternoon period. The markets will actually be looking for news of another round of debt purchases by the Fed. If they do announce a sizable purchase program of government or mortgage debt, we could see the bond market rally and mortgage rates move noticeably lower later today.



The 12:30 PM meeting adjournment allows for a press conference at 2:15 PM ET, hosted by Fed Chairman Bernanke. We will answer questions about the Fed’s action (or lack of) and take questions from the press. These scheduled press conferences are new and just started this year in an effort to keep the public current on the Fed’s thoughts and concerns. Since the minutes to the meetings aren’t released for a couple weeks after the FOMC meetings, these press conferences allow the press to interact directly with the Fed and in a much more timely manner. Therefore, expect the markets to react to his comments and any surprise answers during the Q&A portion.



Look for an update to this report shortly after the markets have had an opportunity to react to Chairman Bernanke’s words. There is relevant economic data being released tomorrow morning, but we will address it in today’s afternoon update.



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.