Mortgage Watch Report

Mortgage Rates saw a sharp decline since October 25th.  Rates started rising again on Wednesday 11-8-23

Why?  There are not enough buyers to support the issuance of debt. Case in point, the bond markets (treasury and mortgage) took a gut-punch yesterday with the dismal 30yr TSY auction. The treasury auctions debt to pay for spending (and raises taxes, but that is a topic for another post). Thursday’s auction of $24 billion in 30-year bonds Thursday afternoon went poorly, undermining investors’ hopes that demand would hold up for government debt. The weaker-than-expected sale triggered an aggressive selloff in the long-dated bond and sent U.S. stocks to New York session lows.

Bottom Line: Anything can happen on any given day, but the “next move” stands the best chance of getting some guidance after next week’s Consumer Price Index (CPI) on Tuesday morning.  This is a key inflation report that has been responsible for some of the biggest moves we’ve seen in rates in the past 2years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 45 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 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 sponsoring Paper Shredding and E-Waste Recycling events twice a year, a Meet Santa Event & a Movie Night.

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.