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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.

 Monday’s bond market has opened in negative territory as investors prepare for the week. The stock markets are starting the week in positive ground with the Dow up 35 points and the Nasdaq up 15 points. The bond market is currently down 13/32, which will likely push this morning’s mortgage rates higher by approximately .250 of a discount point.

 Today has nothing scheduled that is of relevance to the mortgage market. The rest of the week is quite busy in terms of economic data and other events that may impact mortgage rates. There are five economic releases scheduled for the week, all coming the latter part. All but one of the five reports are considered to be of moderate or high importance. In addition, we also have the first Federal Open Market Committee (FOMC) meeting of the year that will include a press conference and key rate forecasts with Chairman Bernanke, two potentially influential Treasury auctions and the President’s State of the Union address. All this will likely translate into quite a bit of movement in the financial markets and mortgage rates this week.

 There is nothing scheduled for tomorrow, at least not during regular trading hours. Therefore, we can expect the stock markets and any potential news from overseas to drive bond trading and mortgage pricing. If the major stock indexes show strength, bonds will probably falter, leading to higher mortgage rates. President Obama will make his State of the Union address at 9:00 PM ET tomorrow evening.

 Wednesday also has no relevant economic data scheduled for release, although it does have this year's first FOMC meeting results. The meeting will begin tomorrow and adjourn at 12:30 PM ET Wednesday. It is expected to yield no change to short term interest rates, but as is often the case, traders will be looking for any indication of the Fed's next move and when they may make it. The meeting will adjourn early instead of the regular 2:15 PM time because it is one of four meetings this year that will be followed by a press conference hosted by Fed Chairman Bernanke.

 Overall, look for Wednesday or Friday to be the biggest days for mortgage rates. Friday's GDP release is the single most important piece of data this week, but we may see quite a bit of movement in rates Wednesday morning and again in the afternoon following the Fed’s time in the spotlight. I would be quite surprised if we did not see a very active week in rates, including intra day revisions on multiple days. I strongly recommend that constant contact is maintained with your mortgage professional this week 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... 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.

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