Mortgage Watch Report

By Buying, Selling, Uncategorized May 16, 2022
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Mortgage Rates are lower this week!

But not according to multiple news outlets! If you or your clients are reading the “current” news headlines, you’d be left with the impression that this week’s rates are higher than last week’s.  Unfortunately (or perhaps, fortunately, in this case), all of the above would be incorrect.

Rates are actually lower today compared to last week.  (check out our High Balance and Jumbo Pricing which has seen the most improvement)

So what’s with the misinformation in the aforementioned headlines?  It’s not intentional.  It’s a byproduct of the news media’s tendency to quote the weekly Freddie Mac survey.  The survey is a week old and thereby stale by the time it is ultimately released.  That usually doesn’t cause an issue, but when rates are volatile, the survey can be quite different from reality.  Today is just another one of those days in what has been an exceptionally volatile 2022. 

Bottom Line: Not sure how long this relief rally will last, but for now recommending clients LOCK as soon as escrow opens to take advantage.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE & AUTHOR |

Keith Murphy Branch Manager – Essex Mortgage NMLS #330827

Direct: 714-309-1140

Apply: www.GoTeamMurphy.com

About the Author
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Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.