Mortgage Watch Report

By Uncategorized January 5, 2024

Mortgage Rate Move HIGHER Towards Recent Highs after Upbeat Economic Data!

Mortgage Rates moved higher this week, inching towards the lower recent levels in response to economic data that show the economy and inflation ticking upward.

That’s important because the Fed’s treatment of rates and rate momentum itself is repeatedly characterized as “data dependent.” In early December, Fed Chairman Powell announced a pivot in policy and said Fed would cut rates 3-4 times staring in early 2024.

However, this first week of 2024, we are getting a different narrative from the Fed.  Now they hinted this week they may need to RAISE rates another ¼ point in the first quarter.

It appears the Fed and markets are smoking crack and cannot decide what’s next…

Case in point, today Non-Farm Payrolls for Dec (think new jobs posted) increase to 216,000 with Fed looking for 170,000.  In addition, the unemployment rate came in lower at 3.7%.  In a counter move, the ISM Mfg PMI print was weaker at 50.6, suggesting a slowdown in manufacturing.

Bottom Line: Mortgage Rates are still LOWER than most of2023 it would be wisdom to LOCK as it appears market wants to go higher (at least for now).

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE & AUTHOR |

Keith Murphy Branch Manager – Essex Mortgage NMLS #330827

Direct: 714-309-1140

Apply: www.GoTeamMurphy.com

About the Author
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.