MORTGAGE WATCH

MORTGAGE WATCH

Mortgage Rates have been under some selling pressure (meaning rate/pricing rising) ever since election results, positive news on COVID vaccine from Pfizer, and the 60 Minutes story last Sunday 11-8 on the Fed’s Operation Warp Speed (must watch on YouTube by the way…) all sent stocks higher, and bonds saw heaving selling, in fact, the 10yr Treasury yield was up 30% in 3 trading days!

However, on Wednesday the markets started to realize that economic recovery is NOT happening overnight, nor will we eradicate the virus in the near future (duh…right?).  As a result, Thursday and Friday were VERY GOOD to the bond market as capital flowed back to the save haven of Treasuries and Mortgage Backed Securities.

BOTTOM LINE: I expect a lot of volatility in the markets over the coming days, weeks, and months, so advising clients if you LIKE IT, LOCK IT!

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 40 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele, 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 20 years.