Mortgage Watch Report

Mortgage Rates are flat to slightly worse since last week. Today the Non-Farm Payroll numbers came in about as expected. The number came in at 315k jobs which is a substantial decrease from last month. Hourly wages and avg work week both fell and unemployment jumped due to the an increase in the labor force. The Federal Reserve has repeatedly said it would like to see its policies having a negative impact on the jobs market before considering progress in the fight against inflation.  Bonds sold off quickly after the data.  Excess selling in the bond market results in rates moving higher, all other things being equal.  The market is trying to find bottom at least in the short term.

Bottom Line: with significant market volatility, I continue to recommend clients LOCK as soon as escrow opens.

















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.