Cake Quote of the Day: “Fruit and urinal give a bad name to cakes everywhere.” – @iSubsisting
Today in Economic History: It was on this date in 1903 when the Dow dropped to 42.15. The stocks of industrial companies dropped to single digits and a financial crisis ensued for the rest of the year. This drop in the market was later coined the “Rich Man’s Panic.” FYI – I suffer from what’s called Poor Man’s Panic. Every day.
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 Consumer Price Index (expected: 0.6%), tomorrow the market is closed for Veteran’s Day, and on Friday the U. of Michigan Consumer Sentiment Report (*This is a report that measures how likely consumers are to spend money/how they are feeling about the economy). If the numbers come in better than expected you’ll see interest rates trend the wrong direction, and vice-versa if the numbers disappoint.
Interest Rates remain stable. For now. Today we find 30yr fixed conforming rates (*that’s for any loan at $625k or less) around 3.125% and jumbo 30yr fixed (*over $625k) about the same. Conforming and jumbo are also mirroring each other on the 15yr fixed – mid-2s. Don’t forget jumbo ARMs which are still ranging across the board in the 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 bears (*funny, not sad like our football team).
Don’t Forget to Remember: Any purchase or refinance 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 lazy people that can use this gift.
Cake Quote of the Day 2: “I wanted to buy a candle holder, but the store didn’t have one so I got a cake instead.” – Mitch Hedberg
Timeout for Trivia: Congrats to those who guessed Taylor Swift last week. Want to be entered into a drawing to win a Mini Inspirational Monk? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 1990 my movie whose title had an O in the first word and an O in the second word was released. From 1989 thru 1998 I made a trio of movies as a sidekick to two actors – one African American and the other who has offended every race on this planet. Anyway, all these movies I’ve mentioned I hope made you laugh, but don’t you dare tell me I’m funny. Can I play serious roles? Oh hell yeah – just ask Scorsese. I was happy to win an Oscar for Best Supporting Actor in one of his movies, and gave I think the shortest speech (five total words) in Academy Award History.”
