Mortgage Rate Lock Advisory for New York and Florida Mortgage Rates for Wednesday, May 16, 2012

By
Real Estate Mortgage Broker with Bob Amato of Empire Home Mortgage Inc

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 Commerce Department kicked off today’s economic events with the release of April's Housing Starts early this morning. They announced a surprising jump of 2.6% in new housing construction starts that exceeded forecasts. The report also showed a sizable upward revision to March’s figures, creating a 9.6% increase between February and April. That is a decent sized increase, indicating housing sector strength, making the data negative for bonds and mortgage rates.

 Posted mid morning was April's Industrial Production that also exceeded forecasts with a 1.1% increase in output at U.S. factories, mines and utilities. Since analysts were expecting to see an increase of only 0.5%, this data is also bad news for the bond market and mortgage pricing. Fortunately though, neither of these reports is considered to be highly important to the markets.

 We will also get the minutes of the last FOMC meeting at 2:00 PM ET today. Market participants will be looking for how Fed members voted during the last meeting and any comments about inflation concerns in the economy and economic growth. The goal is to form opinions about whether the Fed will be able to wait until late 2014 to make a move to either boost economic activity or slow growth to ease inflation concerns. Look for these minutes to influence the markets during late afternoon hours.

 The week’s last economic news will be posted tomorrow morning. The Labor Department will give us last week’s unemployment figures early tomorrow morning. They are expected to announce that 365,000 new claims for unemployment benefits were filed last week, down slightly from the previous week’s 367,000. The lower the number of new claims filed, the better the news for bonds and mortgage rates. However, since this data tracks only a single week’s worth of new filings, it usually takes a large variance from forecasts for it to cause a noticeable movement in mortgage pricing.

 April's Leading Economic Indicators (LEI) will be released by the Conference Board late tomorrow morning. This report attempts to measure economic activity over the next three to six months. It is expected to show a 0.2% increase from March's reading, meaning that economic activity is likely to strengthen slightly over the next few months. A decline would be good news for the bond market and mortgage rates, while an increase could cause mortgage rates to inch higher tomorrow.

 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.

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