Angel Quote of the Day: “Never travel faster than your guardian angel can fly.” – Mother Teresa
Today in Economic History: It was on this day in 1878 that due to a decrease in demand, the US Gold Exchange closed its doors, only to reopen again in 1879. What’s that, you want 10 fun facts about gold? Okay, here you go .
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Today we’ve got Retail Sales, and the Federal Reserve Announcement (*this won’t surprise anyone, they’ll be keeping rates where they are), tomorrow Jobless Claims, and on Friday the Leading Economic Indicators. If these reports come in good for the economy you’ll see rates tick up, and vice-versa if they disappoint.
Interest rates remain in the mid-2 to low-3s for conforming 30yr fixed (*that’s for any loan under $548k which is the new conforming loan limit) and high-2s to low-3s for any jumbo loan (*over $548k). If you have a loan that started as jumbo but now it’s conforming that is now a conforming loan it’s a great time to refi and take advantage of this. 15yr fixed conforming loans are a great gift to yourself for the holidays – these can be found anywhere from 2.25% to 2.75%. As usual rates will vary based on if it’s a purchase or refi, type of home, equity in the home, your credit score, and if you enjoy reading50 wholesome things that happened in 2020. Also, it seems lately people keep asking me the same question: “Are you really sticking with that combover?” Wait, that’s not one I meant – they ask me, “How long will rates stay low?” And my answer has been that once the vaccine is available for everyone (probably March) I think we’ll start to see rates slowly climb. Others in this industry think they will stay low for a couple more years – and this might be true – but as far as any rates in the 2s I’m still thinking they’ll be gone by summer/fall of 2021.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me gets a $575 credit towards closing costs (and more for essential workers). Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or big dogs that can use this gift.
Angel Quote of the Day 2: “Every time a Taco Bell rings, an angel gets diarrhea.” – @meganamram
Timeout for Trivia: Congrats to those who last week guessed Felicity Huffman. Want to be entered into a drawing to win a Giant Bread Pillow? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day back in 1993 that I was fired from my very successful television series to which I said, “I don’t care, I’ve made enough money from it to live in the city it takes place.” I can also afford a big house, unlike when I was a kid on my 80s TV series about a smaller home near the meadow. But I’ve matured since People Magazine called me the Bad Girl of the 90s, and despite my health issues, despite the fact that I may join my departed friend and costar soon, I don’t have any regrets – I’ve lived a charmed life.”
With Christmas right around the corner, you know what that means, Mortgage Fans? Only 166 shopping days left until my birthday! It also means that while I will still be here, I’m giving the blog a vacation until Jan 6th. So at this time, I’d like to thank ALL of you who have entrusted me with your loans this year and throughout the years I’ve been in this nutty business. If you have referred someone to me and not yet received my thank-you gift please let me know so I can get it mailed out to you. I look forward to working with everyone in 2021 – a year which reminds me of what my father said to me after looking at one of my report cards from high school: “Well, you have nowhere to go but up. It can only get better.” How true that is – here’s to 2021 and a Happy & Healthy New Year to you all.
