Mortgage Watch Report

Rates still LOW but Under Pressure Today

Mortgage Rates are flat today when compared to last Friday but are under pressure as of this writing (currently 12pm on 4-5-24) because this morning’s job report surpassed expectations with 303,000 new jobs compared to the anticipated 200,000. Additionally, revisions from the previous month contributed a modest 22,000 to the three-month total, and unemployment decreased to 3.8% from last month’s 3.9%.

Such robust figures typically trigger adjustments in the bond market, and indeed, bonds responded swiftly. Markets are coming to terms with the fact that we are seeing a stronger economy and rising inflation, which means the likely hood of a Fed rate cut isn’t looking too good! (*remember in December 2023, the market consensus was for 5-6 Fed rate cuts in 2024).

Bottom Line: While there’s some bond market weakness, the situation could have been much worse. Lock today if you still can.















Keith Murphy Branch Manager – Essex Mortgage NMLS #330827

Direct: 714-309-1140


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.