Mortgage Rates have been under selling pressure this week (reminder with mortgage bonds/MBS go down, rates get worse and visa versa).  Good news today is The non-farm payroll numbers came in REALLY BAD! 210,000 new jobs created and market was looking for 550,000. The challenge is that every other news item released this morning was not friendly to bonds.

That said, bonds are trying to rally and at the moment (more into treasuries than MBS), the stock market which is getting hammered AGAIN!!, and this is helping, as investors seek safe harbor in bonds. It’s too soon to say how this plays out but at the moment, but positive is that we have held support again this morning and are now seeing a bounce.

Bottom Line: Until we get more clear direction, at this moment we are much closer to the bottom of the range and this suggests “cautiously” floating.

About the Author

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.