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 Conference Board posted this week’s only monthly economic data late this morning with the release of December’s Consumer Confidence Index (CCI). They announced a much stronger than expected reading of 64.5, meaning that consumers were much more optimistic about their own financial situations than many had thought. It was also the second consecutive month of a large jump in confidence. This makes the data bad news for the bond market and mortgage rates because rising consumer confidence usually translates into stronger levels of consumer spending, effectively fueling economic growth.



Since long term securities such as mortgage related bonds are more attractive to investors in weaker economic conditions, today’s results are considered negative for mortgage pricing. With little economic data being posted this week, the Labor Department's weekly unemployment numbers may help influence the markets and mortgage rates more than usual. They are expected to show Thursday that 368,000 new claims for unemployment benefits were filed last week, which would be an increase from the previous week. We usually don't worry too much about this data because it tracks only a single week's worth of new claims, but we should probably pay a little more attention to this particular release as it could impact mortgage rates slightly.



The bond market will close at 2:00 PM ET Friday, but the stock markets are scheduled to be open for a full day of trading. All banks and major U.S. financial markets will be closed Monday in observance of the New Year’s Day holiday. Everything will reopen Tuesday morning for regular hours.



Overall, today’s economic release was the key event of the week, but we could see volatility any day. The thinnest trading will probably take place the latter part of the week as traders head home for the holiday. Despite last week's shortened schedule, we saw plenty of movement in mortgage rates. This week likely will be the same as investors look to make year end adjustments to their portfolios.



Accordingly, I recommend keeping in contact with your mortgage professional if still floating an interest rate and closing in the immediate future.



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... Lock 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.