Mortgage Rates are improving as bonds are up slightly on the day. They did their normal, sell first and ask questions later, after Powell spoke yesterday. I believe we will continue to grind our way up in price. Remember, bottom is often choppy and the path up is not a linear path, so we should expect a bit of two steps up and one step back as we hopefully build momentum in the climb. The news today was very bond friendly with retail sales, consumer sentiment and Empire manufacturing all getting hammered. We should all be concerned about Retail Sales and the jobless claim numbers as they are pointing at a double dip recession. Normally this kind of news will drive bond prices MUCH higher and rates lower, but this negative economic news was somewhat offset by President elect Joe Biden’s announcement yesterday of a 1.9 TRILLION stimulus package, and he said this would only be the beginning.

I see a lot of reasons for rates to rise in 2021, and the market thus far has been very volatile and technically showing the rates may have hit the market bottom, therefore I am recommending client LOCK as soon as escrow opens.


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.