MORTGAGE WATCH 01/21/22

Mortgage Rates are flat to slightly better than last Friday. This is in response to yesterday’s BIG stock market sell-off that rifled through markets in the last 90 minutes of trade.  Example: Netflix stock has been down as much as 25% this morning after earning announcement after market close yesterday. There is blood in the water and this is typically good for mortgage rates/bonds.   I’ll be carefully watching the stock/bond market relationship closely today to see how reliant the bond market strength holds up against the continued stock market weakness this morning.

Bottom Line: Today and early into next week is a small window of opportunity to lock before rates continue their move higher.  With the Fed’s accelerating the Taper sooner than expected, and then selling their balance sheet (new announcement) into the market will create an over supply of mortgages being sold which will drive bond prices lower and move rates higher.  Couple this with an implied Fed Funds rate hike as soon as next month, and I think this window may close quickly.

Here are Essex Mortgage best execution pricing as of 9:05am 1-21-22

 

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 43 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and son Matt, 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 23 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, as well as sponsors Paper Shredding and E-Waste Recycling events twice a year.

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.