Effective mechanical properties of microballoon-dispersed epoxy and urethane are studied under quasi-static and dynamic loading conditions. Elastic modulus measurements of these mixtures over a volume fraction range of 0-0.45 are in good agreement with Hashin-Shtrikman lower-bound predictions for two-phase mixtures comprising of randomly distributed spherical pores in an elastic matrix. The measurements have also been predicted accurately by a LEFM based pore-flaw model for a selected flaw size to pore size ratio. These imply that the microballoons offer negligible reinforcement due to extremely small wall thickness to diameter ratio. Accordingly, feasibility of using these materials to simulate controlled porosity for tensile strength and fracture toughness modeling is explored. Measured tensile strength and fracture toughness values decrease monotonically similar to the Young's modulus variation with volume fraction of microballoons. Guided by the measurements linear elastic models for porous materials that predict tensile strength and fracture toughness of these mixtures are proposed and validated. The tensile strength predictions are in very good agreement with measurements for both epoxy and urethane compositions. The quasi-static crack initiation toughness prediction captures the measurement trends rather well in both cases. The agreement between the measurements and predictions are modest for epoxy matrix while they are good for urethane compositions. Based on fracture surface micrography, an empirical corrective procedure is advanced to improve the agreement between the measurements and the model. The dynamic crack initiation toughness measurements for epoxy, on the other hand, are in excellent agreement with the predictions.