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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.

 There was no relevant economic data scheduled for today, but Fed Chairman Bernanke did speak to the Senate Budget Committee late this morning. As expected, he didn’t say anything that differed much from last week’s appearance before the House Committee. The biggest headline to come from this morning’s appearance was his reiteration to prevent the Europe crisis from derailing our economic recovery. Again, nothing new or surprising was said, so it did not affect today’s mortgage rates.

 Tomorrow also has nothing of relevance scheduled in terms of economic releases. However, the first of this week’s two important Treasury auctions will take place tomorrow when 10 year Treasury Notes will be sold. It is the more important of the two as it will give us a better indication of demand of mortgage related securities. The second sale comes Thursday when 30 year Bonds are sold. If the sales are met with a strong demand from investors, we should see the bond market move higher during afternoon trading tomorrow and/or Thursday. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer term U.S. securities and lead to broader bond selling. The selling in bonds would likely result in upward afternoon revisions to mortgage rates.

 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 New York and Florida State Banking Departments and our loans are arranged through third party providers.

http://activerain.com/images/linking/ARLogoProfile.gif

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.

There was nothing of relevance scheduled for release today, so any intraday change to rates will likely be a result of a sizable move in stocks. Fed Chairman Bernanke will speak to the Senate Budget Committee at 10:00 AM tomorrow. I don’t expect him to say anything different than he said last week to the House Budget Committee, but the Q&A portion of his appearance could lead to something new. It is worth watching, but it will probably not lead to much of a change in the markets or mortgage rates.

The rest of the week only has two pieces of monthly economic data scheduled, both coming Friday morning. Neither of them is considered to be highly important, so we don't have much to pin our hopes on or to be concerned with this week. There are two Treasury auctions on the calendar the middle part of the week that may influence mortgage rates the middle part of the week, but nothing as important as some of last week’s reports and events.

The two important Treasury auctions come Wednesday and Thursday when 10 year Notes and 30 year Bonds are sold. The 10 year sale is the more important one as it will give us a better indication of demand of mortgage related securities. If the sales are met with a strong demand from investors, we should see the bond market move higher during afternoon trading the days of the auctions. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer term U.S. securities and lead to broader bond selling. The selling in bonds would likely result in upward afternoon revisions to mortgage rates.

Overall, despite being a fairly light week in terms of economic releases and relate events, it is still relatively crucial for the mortgage market. We saw the yield on the benchmark 10 year Treasury Note spike higher Friday as a result of the stronger than expected employment data. Stocks rallied as a result of that data, extending the 2012 stock rally that has pushed the Dow up over 5% and the Nasdaq up 11% year to date. Both indexes closed last week at their highest levels since May 2008 and December 2000 respectively. This has me believing we are due to see a pullback in stocks fairly soon. If/when this happens, we should see funds shift back into bonds for safety, leading to lower mortgage rates. Keep in mind that this is more or less just speculation, but I am expecting to move to a less conservative approach regarding short-term mortgage rates in the near 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... 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.

http://activerain.com/images/linking/ARLogoProfile.gif

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.

 There are only two pieces of monthly economic data scheduled for release this week. Neither of them is considered to be highly important, so we don't have much to pin our hopes on or to be concerned with this week. There are two Treasury auctions on the calendar that may influence mortgage rates the middle part of the week and the second part of Fed Chairman Bernanke’s testimony to Congress, but no important economic data.

 Nothing of concern is due today, so look for the stock markets and news from Europe, particularly Greece, to drive the markets. Fed Chairman Bernanke will speak to the Senate Budget Committee at 10:00 AM Tuesday. I don’t expect him to say anything different than he said last week to the House Budget Committee, but the Q&A portion of his appearance could lead to something new. It is worth watching, but it will probably not lead to a noticeable change in the markets or mortgage rates.

 The two important Treasury auctions come Wednesday and Thursday when 10 year Notes and 30 year Bonds are sold. The 10 year sale is the more important one as it will give us a better indication of demand of mortgage related securities. If the sales are met with a strong demand from investors, we should see the bond market move higher during afternoon trading the days of the auctions. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer term U.S. securities and lead to broader bond selling. The selling in bonds would likely result in upward afternoon revisions to mortgage rates.

 With little monthly and no quarterly economic reports being posted, Thursday's weekly release of unemployment figures may end up moving the markets and mortgage rates more than it traditionally does. The Labor Department is expected to announce that 370,000 new claims for unemployment benefits were filed last week, rising slightly from the previous week's total. The higher the number of new claims for benefits, the better the news for the bond market and mortgage pricing as it would indicate weakness in the employment sector.

 The first monthly report comes early Friday morning when December's Goods and Services Trade Balance data will be posted. This report measures the U.S. trade deficit and can affect the value of the U.S. dollar versus other currencies, but it usually does not cause enough movement in bond prices to affect mortgage rates. It is expected to show a $48.2 billion trade deficit.

 February's preliminary reading to the University of Michigan's Index of Consumer Sentiment will be released late Friday morning. This index measures consumer willingness to spend and usually has a moderate impact on the financial markets. If it shows an increase in consumer confidence, the stock markets may move higher and bond prices could fall. It is currently expected to come in at 74.0, down from January's final reading of 75.0. That would indicate consumers were less optimistic about their own financial situations than last month and are less likely to make large purchases in the near future. Since consumer spending makes up over two thirds of the U.S. economy, this would be considered good news for bonds and mortgage pricing.

 Overall, despite being a fairly light week in terms of economic releases and relate events, it is still relatively crucial for the mortgage market. We saw the yield on the benchmark 10 year Treasury Note spike higher Friday as a result of the stronger than expected employment data. Stocks rallied as a result of that data, extending the 2012 stock rally that has pushed the Dow up over 5% and the Nasdaq up 11% year to date. Both indexes are at their highest levels since May 2008 and December 2000 respectively. This has me believing we are due to see a pullback in stocks fairly soon. If/when this happens, we should see funds shift back into bonds for safety, leading to lower mortgage rates. Keep in mind that this is more or less just speculation, but I am expecting to move to a less conservative approach regarding short term mortgage rates in the near 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... 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.

http://activerain.com/images/linking/ARLogoProfile.gif

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 367,000 new claims for unemployment benefits were filed last week. This was lower than forecasts and a fairly noticeable decline from the previous week’s revised total of 379,000 new claims. That hints at a strengthening employment sector, making the data negative for bonds and mortgage rates. However, since this report tracks only a single week’s worth of new claims, it has had a minimal impact on this morning’s trading.

 Also released early this morning was 4th Quarter Employee Productivity and Costs data. It came in with a 0.7% increase, matching forecasts. This means that employee productivity rose at a moderate pace during the last three months of the year. But as with this morning’s other bit of news, this data isn’t important enough to influence mortgage rates without a sizable variance from forecasts.

 Fed Chairman Bernanke spoke before the House Budget Committee late this morning, but as expected didn’t really say anything surprising. He said that the financial crisis from overseas is limiting some economic growth here. He reiterated that inflation remains subdued, which is good news for the bond market. As we already knew from the FOMC forecast, they expect to keep key short term interest rates at current levels until late 2014. Overall, there was nothing to be concerned with or excited about in his statement. The markets have had little reaction to his words.

 Tomorrow morning also has two pieces of economic data being released, but tomorrow’s news is much more important to the markets than today’s data was. The Labor Department will post January's Employment data early tomorrow morning, giving us the U.S. unemployment rate and the number of jobs added or lost during the month among other related statistics. Analysts are expecting to see the unemployment rate remain unchanged at 8.5% and that approximately 155,000 new jobs were added to the economy. An increase in unemployment and a much smaller increase in payrolls would be great news for the bond market. It would probably create a bond rally, leading to lower mortgage rates. However, if the report reveals stronger than expected results, indicating employment sector strength, we can expect to see mortgage rates move higher.

 December's Factory Orders data will be released late tomorrow morning. It is similar to last week's Durable Goods Orders release in giving us a measurement of manufacturing sector strength, but this data includes new orders for both durable and non durable goods. It is one of the less important reports of the week, but can influence mortgage pricing if it varies greatly from forecasts. Analysts are expecting a 1.5% increase in new orders, hinting at manufacturing sector strength. However, the Employment report will certainly be the focus of the financial and mortgage markets.

 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 New York and Florida State Banking Departments and our loans are arranged through third party providers.

http://activerain.com/images/linking/ARLogoProfile.gif

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 4th Quarter Employment Cost Index (ECI) was posted at 8:30 AM ET this morning. It revealed an increase of 0.4% that pegged forecasts. That means that employer costs for worker wages and benefits did rise the last three months of the year, but at a pace that did not surprise many. Therefore, we should consider the data to be neutral to slightly negative for bonds and mortgage rates.

 January's Consumer Confidence Index (CCI) was posted late this morning by the Conference Board, who is a New York based business research group. They announced a surprise reading of 61.1 that was a noticeable decline from December’s level and well short of the 67.0 that was expected. This means surveyed consumers were much less optimistic about their own financial situations than many had thought. That makes the data good news for mortgage rates because waning confidence means consumers are less likely to make a large purchase in the near future.

 Tomorrow has one of the week’s two key economic reports scheduled. The Institute of Supply Management (ISM) will release their manufacturing index for January at 10:00 AM ET tomorrow. This index tracks manufacturer sentiment by rating surveyed trade executives' opinions of business conditions. It is usually the first economic data released each month and is one of this week's very important reports. Current forecasts are calling for a reading in the neighborhood of 54.5, which would be an increase from December's reading. The lower the reading, the better the news for the bond market and mortgage rates because weaker sentiment indicates a slowing manufacturing sector.

 Tomorrow also has a couple of private sector employment related reports due to be released. They normally don’t draw much attention unless they show a significant surprise. I am not too concerned about their results, but the potential does exist that a significant variance in the numbers could lead to changes in mortgage pricing. Signs of significant employment sector weakness would be favorable for the bond market and mortgage rates, especially since we will see the Labor Department’s monthly Employment report Friday morning.

 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 New York and Florida State Banking Departments and our loans are arranged through third party providers.

http://activerain.com/images/linking/ARLogoProfile.gif

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.

 December's Personal Income and Outlays data was released early this morning, revealing a 0.5% increase in income and no change in spending. The income reading was slightly higher than expectations, indicating consumers had more money to spend last month than many had thought. However, the good news was that they spent no more than in November, keeping concerns about economic growth to a minimum. Generally speaking, we can consider the report neutral to slightly favorable for bonds and mortgage rates.

 Tomorrow has two reports scheduled for release that may influence mortgage pricing. The first is the 4th Quarter Employment Cost Index (ECI) at 8:30 AM ET. It measures employer costs for employee wages and benefits, giving us an indication of the threat of wage inflation. If wages are rising, consumers have more money to spend and business need to raise prices for their services and products. The report is considered moderately important and usually has more of an effect on the bond market than the stock markets. Current forecasts are showing an increase of 0.4%. A lower than expected reading would be favorable to bonds and mortgage rates tomorrow.

 January's Consumer Confidence Index (CCI) will be posted late tomorrow morning. This report is considered to be of moderate to high importance to the bond market and therefore can move mortgage rates. It is an indicator of consumer sentiment, which is important because waning confidence in their own financial situations usually means that consumers are less willing to make large purchases in the near future. Due to the significance of consumer spending, market participants are very attentive to related data. Analysts are expecting to see an increase from December's reading, indicating a higher level of consumer confidence. A reading much smaller than the expected 67.0 would be ideal for the bond market and mortgage rates.

 Overall, look for Wednesday or Friday to be the biggest day for mortgage rates. Friday's Employment report is the most important piece of data, but Wednesday's ISM Index draws a lot of attention also. If we get weaker than expected results from the ISM and Employment reports, we should see rates close the week lower than last Monday’s opening levels. If the data shows stronger than expected results, we may see mortgage rates move higher for the week. With some very important data being posted over the next several days, I strongly recommend keeping fairly constant contact with your mortgage professional if still floating an interest rate.

 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 New York and Florida State Banking Departments and our loans are arranged through third party providers.

http://activerain.com/images/linking/ARLogoProfile.gif

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 bond rally since yesterday afternoon is what we have been waiting for. I still believe that the stock markets are due for a pullback sooner than later and that could bring more funds into the bond market. The question is when exactly that pullback will come. Ideally, we would see it in the immediate future, such as tomorrow or early next week. If it does happen, I see a lot of money being shifted into bonds as a safe haven. That would likely lead to another downward move for mortgage rates. However, we should proceed cautiously in the meantime if still floating an interest rate.

 We had four economic reports posted this morning. The first was December's Durable Goods Orders at 8:30 AM ET that revealed a 3.0% jump in new orders for big ticket products at U.S. manufacturing facilities. This was a larger increase than was forecasted, meaning a stronger manufacturing sector. That would make the news negative for bonds and mortgage rates, but it is apparent that the markets weren’t too concerned about the news.

 The Labor Department said early this morning that 377,000 new claims for unemployment benefits were filed last week, up from the previous week’s revised total of 356,000. This is favorable news for the bond market because it indicates a weakening employment sector. However, forecasts were calling for 375,000 new claims, so today’s bond strength is not a result of this data.

 December's New Home Sales report was posted at 10:00 AM ET. The Commerce Department reported that sales of newly constructed homes fell 2.2% last month when analysts were expecting to see an increase by the same margin. This shows that the new home portion of the housing sector remains weak. This is generally good news for the bond market, but this data tracks such a small portion of all home sales that it usually does not draw much attention unless it its results vary greatly from forecasts.

 The last report of the day was December’s Leading Economic Indicators (LEI) at 10:00 AM ET. The Conference Board announced a 0.4% increase, meaning that they are expecting the economy to expand moderately over the next three to six months. But since analysts were expecting to see a 0.7% rise, we can consider this data favorable for bonds and mortgage rates. Unfortunately, it is not considered to be one of the more important reports we see each month.

 There is also today’s 7 year Note auction that we should watch for. Yesterday’s 5 year Note sale was met with a pretty strong demand from investors. If today’s auction has similar results, we could see bond prices rise slightly this afternoon. I don’t believe this, by itself, will lead to a sizable improvement in rates. But if a strong demand for the securities should help boost the broader bond market after the results are posted at 1:00 PM ET.

 That is not the case for one of tomorrow’s economic reports. The first of two reports being released tomorrow morning is the initial reading of the 4th Quarter Gross Domestic Product (GDP). This data is extremely important to the markets because it is considered to be the best measurement of economic activity. The GDP itself is the total sum of all goods and services produced in the United States. Its results usually have a major impact on the financial markets and can cause significant changes in mortgage rates. There are three readings to each quarter's activity, each released approximately one month apart. The first reading, which usually carries the most significance, is expected to show that the economy grew at an annual rate of 3.2%. A noticeably weaker reading would be great news for the bond market, questioning the pace of the economic recovery. That would likely fuel stock selling and a rally in bonds that would push mortgage rates lower tomorrow morning. However, a stronger than expected reading should fuel bond selling and higher mortgage rates.

 The last report of the week is the revised reading to the University of Michigan's Index of Consumer Sentiment. This index is a measurement of consumer confidence that is thought to indicate consumer willingness to spend. If confidence is rising, consumers are more apt to make large purchases in the near future. Since consumer spending makes up two thirds of the U.S. economy, any related data is watched closely. I don't see this data having much of an impact on the markets or mortgage rates due to the importance of the GDP reading. Forecasts are calling for a reading of 74.2, up slightly from January’s preliminary reading of 74.0.

 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.

http://activerain.com/images/linking/ARLogoProfile.gif

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’s FOMC meeting has adjourned with no change to key short term interest rates. This was widely expected but the other Fed news did bring some surprises. The Fed revised their outlook for economic growth downward, meaning the economy is expanding at slower pace than what they previously estimated. They also announced that they expect to keep key interest rates at their current levels until late 2014, indicating long term concern for the economy.

 This news was well received by the financial markets.

 Today’s 5 year Treasury Note auction went very well, helping to fuel bond buying. However, the Fed news is the catalyst for this afternoon’s gains. We get to do this one again tomorrow though when 7 year Notes are sold. Tomorrow’s securities are closer in term to mortgage bonds, so you can argue that they are more important to mortgage rates then today’s were. However, traders seem to have a bigger reaction to the first of the two sales, so it often takes a much stronger or weaker demand than the initial sale for the second one to have a noticeable impact on mortgage rates. Results of tomorrow’s sale will also be posted at 1:00 PM ET.

 Tomorrow morning brings us the release of three monthly economic reports along with weekly unemployment figures. The first is December's Durable Goods Orders at 8:30 AM ET. This data helps us measure manufacturing strength by tracking new orders at U.S. factories for products that are expected to last three or more years, also known as big ticket items. The data often is quite volatile from month to month, but is currently expected to show an increase in orders of approximately 2.0%. A smaller than expected increase would be considered good news for bonds and mortgage rates, but a slight variance likely will have little impact on mortgage pricing due to its reputation of being volatile.

 The Labor Department will give us last week’s unemployment figures early tomorrow morning. They are expected to announce that 375,000 new claims for unemployment benefits were filed last week, up from the previous week’s 352,000. That would make the data favorable for the bond market and mortgage pricing because it would point towards a weakening employment sector. The larger the number of initial claims, the better the news for mortgage rates.

 Next is December's New Home Sales report at 10:00 AM ET. It is considered to be the sister release to last week's Existing Home Sales, giving us a small snapshot of housing sector strength. It tracks a much smaller portion of home sales than last week’s report did and is forecasted to show an increase in sales of newly constructed homes. However, this data is not important enough to heavily influence mortgage pricing unless it varies greatly from forecasts.

 The fourth piece of economic data is December’s Leading Economic Indicators (LEI) at 10:00 AM ET. The LEI attempts to measure economic activity over the next three to six months. It is considered to be of moderate importance to the bond and mortgage markets. Analysts are currently expecting the Conference Board to post a 0.7% increase, meaning that economic growth over the next few months will likely rise fairly quickly. Generally speaking, this would be bad news for the bond market because a strengthening economy makes long term securities such as mortgage bonds less attractive to investors.

 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.

http://activerain.com/images/linking/ARLogoProfile.gif

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 stock markets are reacting to a rash of earnings news and concerns about overseas issues, particularly Greece. The earnings reports continue this week with Apple announcing results. Earnings from overseas companies are raising some concerns about the impact that Europe’s financial crisis is having on the global economy. Unfortunately, bonds have not benefited yet as traders seem to be content at current yields until we get to the heart of this week’s agenda. It starts tonight with the President’s State of the Union speech at 9:00 PM ET and moves into some key events tomorrow.

 Tomorrow does not have any relevant economic reports scheduled for release, but we do have the adjournment of the two day FOMC meeting that began today. It will adjourn at 12:30 PM ET rather than the traditional 2:15 PM because Fed Chairman Bernanke will be hosting a press conference at 2:15 PM tomorrow. The meeting itself is expected to yield no change to short term interest rates, but traders will be looking for any indication of the Fed's next move and when they may make it. This is one of four meetings this year that will be followed by a press conference hosted by Fed Chairman Bernanke and should include some forecasts and outlooks for key short-term interest rates.

 Also tomorrow is the first of two Treasury auctions that may influence mortgage pricing. 5 year Notes will be sold tomorrow while 7 year Notes go to sale Thursday. If the sales are met with a strong demand from investors, the broader bond market should thrive, possibly leading to slightly lower mortgage rates. On the other hand, weakness in the auctions could fuel more bond selling and an upward revision to rates. The results of each sale are posted at 1:00 PM ET each day.

 I suspect we will see an extremely active day tomorrow with the markets reacting to tonight’s State of the Union address during early trading, then having the FOMC meeting adjournment and Treasury auction to deal with mid-day. And then heading into the middle of the afternoon, we get to watch the press conference influence the markets and mortgage rates. I would not be surprised to see at least one intraday revision to mortgage pricing tomorrow.

 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.

http://activerain.com/images/linking/ARLogoProfile.gif

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.

 Monday’s bond market has opened in negative territory as investors prepare for the week. The stock markets are starting the week in positive ground with the Dow up 35 points and the Nasdaq up 15 points. The bond market is currently down 13/32, which will likely push this morning’s mortgage rates higher by approximately .250 of a discount point.

 Today has nothing scheduled that is of relevance to the mortgage market. The rest of the week is quite busy in terms of economic data and other events that may impact mortgage rates. There are five economic releases scheduled for the week, all coming the latter part. All but one of the five reports are considered to be of moderate or high importance. In addition, we also have the first Federal Open Market Committee (FOMC) meeting of the year that will include a press conference and key rate forecasts with Chairman Bernanke, two potentially influential Treasury auctions and the President’s State of the Union address. All this will likely translate into quite a bit of movement in the financial markets and mortgage rates this week.

 There is nothing scheduled for tomorrow, at least not during regular trading hours. Therefore, we can expect the stock markets and any potential news from overseas to drive bond trading and mortgage pricing. If the major stock indexes show strength, bonds will probably falter, leading to higher mortgage rates. President Obama will make his State of the Union address at 9:00 PM ET tomorrow evening.

 Wednesday also has no relevant economic data scheduled for release, although it does have this year's first FOMC meeting results. The meeting will begin tomorrow and adjourn at 12:30 PM ET Wednesday. It is expected to yield no change to short term interest rates, but as is often the case, traders will be looking for any indication of the Fed's next move and when they may make it. The meeting will adjourn early instead of the regular 2:15 PM time because it is one of four meetings this year that will be followed by a press conference hosted by Fed Chairman Bernanke.

 Overall, look for Wednesday or Friday to be the biggest days for mortgage rates. Friday's GDP release is the single most important piece of data this week, but we may see quite a bit of movement in rates Wednesday morning and again in the afternoon following the Fed’s time in the spotlight. I would be quite surprised if we did not see a very active week in rates, including intra day revisions on multiple days. I strongly recommend that constant contact is maintained with your mortgage professional this week if still floating an interest rate.

 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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