Mortgage Watch Report

By Uncategorized September 6, 2024

Lowest Rates in Over a Year and a Half!

Mortgage Rates are falling as this morning’s jobs report hinted at a stronger chance for a 50-basis point rate cut from the Federal Reserve in just two weeks. Nonfarm payrolls for September came in at 142,000, falling short of the expected 160,000. Moreover, revisions to the previous two months lowered the job count by an additional 144,000.

Now, the 3-month average sits at 116,000—a noticeable drop from last year’s 232,000 and this year’s year-to-date average of 207,000. This isn’t just a single data point; it signals a more pronounced slowdown in the labor market.

Bottom Line: Initially, bonds responded very positively to this news, but trading has since fluctuated as investors weigh the broader economic picture, however, rates are still trending lower!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.