Mortgage Watch Report

Mortgage Rates have calmed down after some unfortunate and unexpected volatility at the beginning of the week.  The average lender is offering just slightly higher rates than they were yesterday morning.  Other lenders raised rates yesterday and were fairly close to ‘unchanged’ today.

Reminder: Mortgage Rates are driven by the buying and selling of mortgage backed securities (MBS).  When investors bid up the price of the bond, rates fall.  Conversely, when bond prices fall, rates rise.  The chart below shows the past five trading days/trend bond prices heading lower.
















The capital markets will CLOSE today at 11am and reopen Tuesday 12-27-2022.  Combine that with the fact that bond trading has shifted into “holiday mode” and we’re basically waiting until the 2nd week of January before we get a clearer sense of the next leg of rate momentum.  Between now and then, random volatility inside a reasonably narrow range is the name of the game.

Bottom Line: we are floating new escrows into next week.
















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.