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If you want a Mortgage Professional who answers his phone seven days a week until 9PM contact Bob Amato (NMLS # 8632) and Empire Home Mortgage Inc. (NMLS # 44882). Our toll free number is (866) 742-5227. Put us to the test! Visit our website, www.empirehomemortgageinc.com . You can find answers to all of your financing questions, search foreclosed properties and view rates there.

 If you are considering locking in an interest rate for a New York or Florida Mortgage, read this post.

Wednesday’s bond market is in negative territory due to early stock strength. The major stock indexes are in positive territory with the Dow up 13 points and the Nasdaq up 21 points. The bond market is currently down 13/32, but we should see little change in this morning’s mortgage rates due to strength in bonds late yesterday.

The Commerce Department gave us this morning’s only relevant economic data with the release of December's New Home Sales. It showed an unexpected decline in sales of newly constructed homes, pushing last year’s total sales to their lowest in 47 years. This means that the new construction part of the housing sector was weaker than expected last month. That is basically good news for the bond market, but this report tracks a much smaller portion of sales than last week’s Existing Home Sales report did. Therefore, its impact on the bond market and mortgage rates is usually minimal and today was no different.

Later today, this week’s FOMC meeting will adjourn at 2:15 PM ET. I am not expecting the announcement or the post-meeting statement to bring any surprises, but the potential does exist, particularly in the post meeting statement. Market traders will be looking for any indication of when the Fed may need to start raising key short term interest rates and current outlook on inflation, housing and employment markets. Any surprises could lead to afternoon volatility and possibly changes to mortgage rates. Accordingly, we will be updating this report shortly after the markets have had an opportunity to react to the news.

Also today is the first of two Treasury auctions that may influence bond trading and mortgage pricing. The Fed will auction 5-year Treasury Notes today and 7-year Notes tomorrow. If they are met with a strong demand from investors, the broader bond market may rally during afternoon hours. However, a lackluster interest in the sales could lead to bond selling and higher mortgage rates.

Tomorrow morning brings us the release of December's Durable Goods Orders and weekly unemployment figures. We will address expectations for those reports in this afternoon’s updated report.

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 NYS Banking Dept and our loans are arranged through third party providers.

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