Back from my vacation in Hawaii where a poolside burger was $25 and a cheeseburger was $31. That’s right, for those of you keeping track at home that’s $6 for a Kraft single. I have no idea why I got into the mortgage biz when I could’ve made a killing importing cheese to Maui. I guess what I’m trying to say is – I’m broke. Flat broke. But don’t cry for me, Argentina – I’ll be fine. And while we’re talking about cheese…
Cheese Quote of the Day: “Swiss Cheese is a rip-off. It’s the only cheese I can bit into and miss.” – Mitch Hedberg
Today in Economic History: It was on this day in 1943 when Lifesavers’ candy creator Edward Noble bought one of NBC’s radio networks, renaming it American Broadcast Company, Inc. (ABC). I was going to search up some fun facts about ABC but they aired the worst sitcom in television history (Three’s Company) and I still hold that against them, so instead here are 10 facts you may not have known about Lifesavers.
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 Report as well as the FOMC Minutes, tomorrow Jobless Claims, and on Friday Retail Sales. Normally this is the part of the blog where I would tell you if the reports come in bad for the economy you’ll see rates trend down. However, did anyone see what happened on Friday when the Jobs Report for September came in way under what was expected? Anyone? Bueller? Rates jumped up which is exactly what is the opposite of what should happen. So… I don’t know how to finish this paragraph, gonna abandon it right now. Let’s move on, nothing to see here.
Interest Rate Update: I caught myself being really dumb the other day speaking with a client, I told her rates are bad now as they have settled into the 3s. I should’ve told her the rates are beautiful. When I bought my first place in 1998 my wife and I were partying like it was 1999 because we got a 30yr fixed at 7.75% – I couldn’t have thanked my broker enough for getting us below 8.0%. Think about that – rates in the high-7s. Of course, I don’t have to remind you what it was like for my parents buying a home in the early 1980s when rates were in the teens! So quite your cryin’, Mortgage Fans – rates are still fantastic. Today you’ll find conforming rates (*That’s for any loan at $625k or less. Wait.. What? Yes, we are the ONLY mortgage company offering the 2022 NEW conforming loan limits (old was $548k) before they kick in Jan 1st) in the very low-3s, and Jumbo (*over $625k) 30yr fixed about the same. Some other loans to think about – conforming 15yr fixed is in the mid-2s and Jumbo ARMs in the low-to-mid 2s – a fantastic product to get which will help you save money.
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 miniature dioramas that can use this gift.
Cheese Quote of the Day 2: “When I die, I want an open casket funeral with me holding a pot of cheese fondue so everyone can dip bread as they mourn.” – @behindyourback
Timeout for Trivia: Congrats to those who last week guessed Matt Damon. Want to be entered into a drawing to win a Last Breakfast Print? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2011 our band hit the Top 10 on the Billboard Hot 100 with our single whose title refers to a lead singer in another band. But let’s focus on our band, we won a Grammy in 2005 for Best New Artist. It took us a long time to hit it big, there were years it made us wonder if we would be loved, although people (and People Magazine) love our lead singer and have heard his voice in more ways than one. Do we do movies? No, but Wedding Crashers may give you an idea who we are.”
