Mortgage Watch Report

Mortgage Rates are having their best winning streak since late July in terms of consecutive days spent moving lower. 

All that having been said, the length of the winning streak doesn’t matter too much.  It certainly isn’t the largest drop in rates over a 5 day time frame (late July saw more movement in fewer days, in fact).  The consistency merely suggests a potential shift in the overall tone from unequivocal panic to something more balanced–a shift that would mirror comments from a Fed speaker last week as well as a widely-cited Wall Street Journal article suggesting the same.

None of this is to say that bonds/rates are moving purely based on emotion and anticipation of a softer stance from the Fed.  Certainly the Fed expectations account for some of the friendly momentum enjoyed by rates this week, but in today’s case, there were a few supporting actors.  These included a European Central Bank announcement that was slightly friendlier than markets were expecting as well as a few clues in economic data that suggested Fed policies were beginning to have an impact.

Bottom Line: reminder that Fed meets to raise rates on 11-2-2022.  Recommending clients lock ahead of this coming announcement!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE & AUTHOR |

Keith Murphy Branch Manager – Essex Mortgage NMLS #330827

Direct: 714-309-1140

Apply: www.GoTeamMurphy.com

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 44 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and son Matt, 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 25 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, as well as sponsors Paper Shredding and E-Waste Recycling events twice a year.

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.