Never Quote of the Day: “The things I never say never get me into trouble.” – Calvin Coolidge
This Week in Economic History: It was on June 11th, 1998 when TV Guide, the country’s most widely circulated magazine, and Tele-Communications, Inc. finalized a $2 billion merger. (*I would love to know who okayed that one. Anyone born in the 90s has probably never heard of TV Guide, which makes me think the executives who inked that deal had probably never heard of the internet. Still, I miss TV Guide because their crossword puzzles made me feel like a genius. Average random clue would be something like “Gone With The ______”.)
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 Wholesale Inventories (*no clue what that is), tomorrow Jobless Claims (expected: 370k, previous 385k), and on Friday the Consumer Sentiment Index (*I actually know this one – it’s a survey of how people feel about the economy and how willing they will be to spend money.) As usual, if the numbers come in good you’ll see rates tick up, and vice-versa if the numbers come in low.
Interest Rate Update: Lately I’ve been stressing the comeback of ARM products. It reminds me of my sophomore year in high school when I was failing Spanish and was left for dead. But I buckled down, studied like crazy the last six weeks of the semester, and pulled out a D minus. ARMs were left for dead the last few years but they are getting my vote for Comeback Player of the Year. Today you’ll find conforming ARMs (*that’s for any loan at $548k or less) at anywhere from 2.0% to 2.50% for 5yr, 7yr, and 10yr ARMs. This is a great product if you’re not planning on staying in your home for a long time. Conforming 30yr fixed rates are still in the high-2s/low-3s, and 15yr fixed in the low-to-mid 2s. Jumbo loans (*over $548k) can be found in the low-3s for a 30yr fixed, and jumbo ARMs in the low-to-mid 2s. As usual, rates will vary based on if it’s a purchase or refinance, type of home, equity in the home, your credit score, and if you like funny dogs.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $575 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that love bachelor parties that can use this gift!
Never Quote of the Day 2: “I hope my dog never finds out I am made of bones.” – @pjayevans
Timeout for Trivia: Congrats to those who last week guessed Bryan Cranston. Want to be entered into a drawing to win a Pancakes T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 2007 I married my model girlfriend, this was my 3rd marriage which has produced 8 children. What can I say, when it comes to women they think I’m….hot. My first name and last name can both be first names but I’ve got only one face – haha! Hey, I like that word – let me throw it into a lyric: The mornin’ sun when it’s in your face really shows your age. Hmm.. that lyric could be a compliment or insult. Here’s another one that’s definitely an insult: With a face like that you’ve got nothing to laugh about.”
