Baby Quote of the Day: “Babies are such a nice way to start people.” – Don Herold
Today in Economic History: It was on this day in 1877, Baltimore railroad workers who were fed up with salary reductions decided to go on strike. The state militia was called in, violence broke out, and nine strikers were killed. After the violence against the strikers, sympathetic workers from all around the country went on strike themselves. The summer of 1877 was dubbed the Summer of Strikes. Speaking of strikes, here are two minutes of great ones.
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 the Producer Price Index, tomorrow Jobless Claims, and on Friday the Retail Sales report which will come in better than expected because I just bought a suit for my niece’s wedding. When the numbers on these reports come in good for the economy you’ll see rates tick up, and vice-versa when the numbers disappoint.
Interest rates last week started off strong on Monday, Tuesday, and Wednesday – and then gave back their gains in the latter part of the week. It’s a roller-coaster, Mortgage Fans, the kind of roller coaster that makes me want to throw up before even getting on it. Nonetheless that’s the way it’s been in 2021 and I’m assuming the ride will continue the rest of the year. Today we find a conforming 30yr fixed loan (*that’s any loan at $548k or less) in the high-2s/low-3s, and jumbo 30yr fixed (*above $548k) in the low-3s. 15yr conforming fixed rates and ARM rates for conforming and jumbo loans are in the 2s – two great overlooked products you might want to check out. 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 rarely seen things.
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 who enjoy the big and small that can use this gift.
Baby Quote of the Day 2: “I baby-proofed my apartment but they keep getting in.” – @Jim_Hamilton
Timeout for Trivia: Congrats to those who guessed Ringo Starr last week. Want to be entered into a drawing to win a Sandy Cheeks T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today and I’ve been around awhile – many years in Chicago. Anyone in the early 90s see me in ’92 playing Carol Brady at the Annoyance Theatre Company. Okay, most of you reading this probably weren’t even born back then but I know you saw me in my 2005 flick where I played the manager of an electronics store that starred a couple people you might’ve seen around the office. My love life? I prefer women which makes sense as to why I was attracted enough to have a recurring role in a sitcom (2004-2014) that had less than 3 guys as the stars. Television loves to typecast me as a harsh teacher – I’ve done it on The X-Files, Veronica Mars, and a third time on a series that had a one-word title that may mean delight or euphoria. That four-letter word has two more vowels than my whole last name!”
