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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 week brings us the release of five pieces of economic data for the markets to digest, with two of them considered to be highly important for mortgage rates. It is a shortened trading week.

 The first report of the week will be posted early Wednesday morning when the Labor Department's Producer Price Index (PPI). The PPI is important to the markets and mortgage rates because it measures inflationary pressures at the producer level of the economy. Analysts are expecting to see a 0.1% increase in the overall reading and a 0.1% increase in the more important core data reading that excludes volatile food and energy prices. A larger than expected increase in the core reading could mean higher mortgage rates Wednesday since inflation is the number one nemesis of the bond market. It erodes the value of a bond's future fixed interest payments, making them less attractive to investors. Accordingly, they are sold at a discount to offset the drop in value, which drives their yields higher. And since mortgage rates follow bond yields, this means higher rates for borrowers.

 December's Industrial Production report is also on Wednesday’s agenda. This data measures output at U.S. factories, mines and utilities, giving us an indication of manufacturing sector strength or weakness. Current forecasts are calling for an increase in production of 0.5% from November's level. A smaller than expected increase would be considered good news for bonds and could help lower mortgage rates, but the PPI is by far the most important data of the day for the bond market and will have the biggest impact on that day's mortgage pricing.

 Thursday also has two relevant reports scheduled. December's Consumer Price Index (CPI) is the first. This is also one of the most important monthly reports that we see each month since it measures inflationary pressures at the consumer level of the economy. As with the 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 Thursday morning.

 Last month’s Housing Starts report is the second of the day. 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 Thursday, especially since it follows the very important CPI.

 Friday has the remaining report, December's Existing Home Sales. The National Association of Realtors will give us this housing report, which tracks home resales in the U.S. It is expected to show an increase in home sales last month, meaning that the housing sector strengthened. Ideally, the bond market would prefer to see a decline in sales, but a small increase should not negatively affect mortgage rates Friday.

 Overall, today will probably be the least active day for mortgage rates with nothing of relevance scheduled. The most important day will likely turn out to be Wednesday or Thursday with the two key inflation readings being released. But the stock markets and news from overseas can be a big influence on bond trading and mortgage pricing any day, so maintaining contact with your mortgage professional is recommended.

 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 Satet banking Departments and all of our loans are arranged through third party providers.

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