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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.

 This morning brought us the first pieces of economic data of the week. The Labor Department reported early this morning that the Producer Price Index (PPI) fell 0.1% last month, falling short of the 0.1% increase that was expected. That is the good news. The bad news came in the more important core data reading that excludes more volatile food and energy prices. It showed an increase of 0.3% when analysts were calling for a 0.1% rise, meaning that prices rose more than expected. That is negative news for the bond market and mortgage rates because it means inflation may be gaining steam, hurting the value of a bond’s future fixed interest payments.

 Also posted this morning was December's Industrial Production report. It revealed a 0.4% increase in output at U.S. factories, mines and utilities, signaling moderate growth in the sector. Analysts were expecting to see a 0.5% increase, so we can consider this data neutral-to-slightly favorable for mortgage rates. However, it is not a highly important report and was not enough of a variance to cause much concern or joy. Therefore, it has not had much of an impact on this morning’s mortgage pricing.

 Tomorrow also has two relevant reports scheduled, one of which is arguably the most important monthly report the bond market sees. That would be December's Consumer Price Index (CPI) at 8:30. Since it measures inflationary pressures at the consumer level of the economy, this data is watched very closely. As with today’s PPI, there are two readings in the release. The overall index is expected to rise 0.1% while the core data is expected to increase 0.1%. Weaker than expected readings should lead to bond improvements and lower mortgage rates tomorrow morning.

 December’s Housing Starts report will also be posted early tomorrow morning. It helps us measure housing sector strength and future mortgage credit demand by tracking construction starts of new homes. It is not considered to be one of the more important releases each month, so I don't see it causing much movement in mortgage rates, especially since it follows the very important CPI.

 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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