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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.



The Labor Department said early this morning that 372,000 new claims for unemployment benefits were filed last week. This was just a bit lower than expected, but the minor difference and an upward revision to the previous week’s claims means this data was a non-factor in today’s bond trading and mortgage rates.



This morning’s other piece of news was payroll processor ADP’s monthly update on private sector employment. They announced an increase of 325,000 new jobs, well above what analysts were expecting and the largest monthly gain in a year. Still, the markets do not seem to be too concerned or excited about the news, apparently looking towards tomorrow’s major release for a bigger snapshot on the employment sector.



Tomorrow brings us the almighty monthly Employment report from the Labor Department. The Employment report is arguably the most important monthly release we see. It gives us the national unemployment rate, the number of jobs added or lost during the month and average hourly earnings, which is a key measure of wage inflation. Rising unemployment, a decline in payrolls and earnings would be ideal news for the bond market.



Current forecasts show that the unemployment rate rose from 8.6% in November to 8.7% last month, 150,000 new jobs added to the economy and average earnings rose 0.2%. If we see weaker than expected results, mortgage rates should improve noticeably tomorrow. However, stronger than expected readings will likely raise optimism about the economy, pushing mortgage rates sharply higher.



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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