Accident Quote of the Day: “You’ll learn more from your accidents than anything that you could ever learn at school.” – Billy Joel
Today in Economic History: It was on this date in 1931 when Great Britain abandoned the gold standard for its currency. In one of the great overreactions in our history, Americans feared our country would follow suit and immediately started pulling their money out of banks because they feared not having gold backing their money’s value would leave them broke. The resulting withdrawals caused over 800 banks to shut down. Two years later the US abandoned the gold standard. What’s that, you don’t feel like working yet? Okay, here’s 11 crazy banking facts to enjoy.
Wuss’up This Week: The Fed, that’s what’s up! Oh, and rates too. Many expect an increase of at least .75%, and an outside chance at a full point rate hike. Just a reminder not to freak out. There was a time in 2003-2004 when Alan “It’s not easy being” Greenspan raised the prime rate 5 times, and during that time rates actually fell. Anyway, that announcement will be at 2:00 today, stay tuned…
Interest Rate Update: Last week was an ugly week for rates, they waved goodbye to the 5s, and as of this writing a conforming 30yr fixed rate (*that’s for any loan at $647k or less) is around 6.50%. Jumbo 30yr fixed (*over $647k) can be found ranging from 6.0% – 6.75%. ARMS used to be good to start the year have now accordioned back to where the fixed rates are, so for now I won’t quote them. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like funny animal pics.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me, I will waive a big chunk of lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like interesting old photos.
Accident Quote of the Day 2: “Whenever I accidentally watch the Bravo channel, the last thing that comes to mind is the word, ‘Bravo!’” – @JimGaffigan
Timeout for Trivia: Congrats to those who guessed Amy Poehler last week. Want to be entered into a drawing to win Betty White Stud Earrings? Simply email me the answer to this week’s Who Am I? question. Good luck: “Today is my birthday and no – I’m not royalty hahaha. I’m getting old though so I’d better get living. Hey, did you see my series that premiered in June 2013? Its title sounds like what the mayor did here to try and save the Bears from leaving the city. Forget TV though, let’s talk about my movies. If I ask you ‘a penny for your thoughts’, would you call me a clown? Better question: did you see my Tom Hanks movie that could be retitled ‘Virid 1760 yards’. Last hint: I’m not an actor, director, producer, or singer, and no one has ever called me Mr. Man.”
A Blog Vacation?? My Marketing Dept is shutting down Total Expert (the software we use to send this out) to do updates which will take 2 weeks. I’m trying to find an alternative to send the blog out (if you know of one let me know!), but if I can’t just know I still love you and you’ll be getting the blog again soon…
Disclaimer: The views and opinions expressed herein are those of the author, Barry Schwartz and do not necessarily reflect the views or positions of any entities they represent.
