Mortgage Watch Report

By Uncategorized December 4, 2023

Mortgage Rates are moving lower, lower, and lower!

If you count the Thanksgiving Holiday mortgage rates have improved “significantly” over the last 8 trading sessions.  This is very bullish! Moreover, rates have now reached their lowest levels in 3 months and have put an impressive amount of distance between themselves and the highs seen just over a month ago!

As is always the case, there’s no way to know if the data will be good or bad for rates ahead moving forward.  All we do know is that the rate market is incredibly interested in the upcoming economic and Fed data as an indication of whether rates have officially turned a corner for the foreseeable future.  Time will tell.

Bottom Line: We have been saying for months when rates get below 7% and into the 6% range (today’s FHA is 6.625%) that buyers will becoming off the sidelines in masses and reentering the market looking to buy.  In the last 2 weeks, on my desk we have seen new loan application volume increased 40% + and we opened 4 new purchase and 1 new refinance escrow THIS WEEK! Here we go again…

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.