Consider Quote of the Day: “You never really understand a person until you consider things from his point of view.” – Harper Lee
This Day in Economic History: It was on June 17th, 1930 President Hoover signed the Smoot-Hawley Tariff which raised duties on imports in an effort to preserve the market for American-made goods. Shortly after this his Hoover vacuum cleaner sales went through the roof! (*Just kidding, I made up that last sentence, but here are ten things you may not have known about Herbert Hoover.
Did’ja Know: 30-year mortgages are a relatively new thing. Pre-Depression mortgages featured variable interest rates and were on contracts that usually renegotiated on a yearly basis. (*I think marriages would last longer if they were on contracts as well; I know I’d be a lot nicer to my wife if I was on the last year of a contract – balding and middle-aged I don’t think I’d do too well as a free agent).
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 Housing Starts as well as Fed Chair Jerome Powell’s testimony. On Thursday we’ve got Jobless Claims, and on Friday the Current Account Deficit. If these reports come out good for the economy you can expect rates to tick up, and vice-versa if they come out weaker than expected.
This is the part of my blog where I’d like to remind people that what you see ain’t what you get. Plenty of advertisements saying a 30-year fixed is below 3% which is simply not true UNLESS you pay points and/or exuberant fees. For example I can give you a rate of 1% on a 30yr fixed but you’ll pay over $200k in fees. The goal of any mortgage holder is to get a low rate without having to pay for it. In the real world you’ll find conforming (*that’s any loan at $510k or less) 30-year fixed loans ranging from 3.125% – 3.50%, and 15-year fixed conforming loans anywhere from 2.50% – 2.99%. Jumbo 30-year fixed rates still remain higher although I’ve gone some good long term ARMs – feel free to reach out for a quote. And as usual rates will vary based on type of home, equity in the home, your credit score, and if you’re a fan of Psycho
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $575 in lender fees! (and more for essential workers). Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or co-slackers that can use this gift.
Consider Quote of the Day 2: “The Flintstones becomes an entirely different show when you consider Fred & Barney probably weren’t wearing any underwear.” – @MrWordsWorth
Timeout for Trivia: Congrats to those who last week guessed Shia Labeouf. Want to be entered into a drawing to win a if you’re a fan of Psycho? Simple email me the answer to this week’s Who Am I? question. Good luck: “It was on this date back in 2001 that my movie – which could be titled Quick & Angry – debuted. It was a big success and sequels were made. Wait, what? No, I’m not Pitbull! My name is Mark Sinclair and I am an actor. Besides what I’ve already said you might remember me from voicing Groot in Guardians of the Galaxy. Or perhaps you actually saw me in Saving Private Ryan or with Ben Affleck in Boiler Room. But despite all the movies I’ve made I guess I’ll always be remembered for the 2001 movie that started it all. That’s where I met my friend who died tragically before his time. I wished we could’ve grown old together because in his nursing home I could’ve joked he’s using his last name to help him get around.”
