Mortgage Watch Report

Mortgage Rates drop to 3 months lows!

Mortgage Rates are primarily based on the bond market (specifically, mortgage-backed securities or MBS).  When MBS improve, lenders are creating loans that are worth more money and can thus offer them at lower rates.  Supply, demand, etc.

In the last 72 hours,  rates have improved by more than would be suggested by the improvement in MBS, so there’s clearly something else going on as well.  In today’s case, it’s quite simply the mortgage market’s sigh of relief after having moved through the week’s riskiest events (inflation data on Tuesday and the Fed announcement on Wednesday).

It’s a familiar song and dance.  This time around, it coincided with MBS at their best levels in more than 3 months and mortgage rates were quickly able to make the same claim.  The average conventional 30yr fixed rate is moving into the low 6% range for top tier scenarios. 

Bottom Line: The last time rates were this low was during the first few days of September. If technical hold up, we should see rates in the 5% range in the next 30-45 days which I believe will create a massive re entry into the housing market!  Time will tell…















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.