Every time a website makes me accept their cookies I head straight to the pantry to eat a row of Oreos. It’s triggers like that which make me think I will not be successful on my new diet. But I’m trying, Mortgage Fans. (*side note: Did you know Cookie Monster has his own Twitter account For now, though, it’s time to start this blog with some cookie quotes –
Cookie Quote of the Day: “In the cookie of life, friends are the chocolate chips.” – Salman Rushdie
This Week in Economic History: It was on November 4th, 1880 when one of the most instrumental items in the modern economy is invented in Dayton, Ohio. That item? A cash register. And do you know why prices like $1.99 instead of $2.00 were started? Nope, it wasn’t for psychological reasons.
The first job I ever had was working at China East in Wilmette, which was a takeout restaurant. My responsibilities were taking phone orders and packing the white rice into the little takeout boxes. I would rush there right after school, and back then I was hungry all the time (*I’m not sure why I said that I’m still hungry all the time) so when my boss wasn’t looking I would squirt the sweet & sour sauce into my mouth followed by a handful of rice. On average I probably ate 3-4 pints of white rice & sweet sauce every shift. My boss was no dummy though, every Saturday night she would pay me and my buddy in cash and we would blow it all on…. Chinese food. Still ranks as the best job I ever had. Anyway, why am I talking about jobs? Because we’ve got three reports coming out this week that can sway interest rates in either direction. Today the ADP Employment Report is released, tomorrow Jobless Claims, and Friday’s biggie the Employment Numbers for October (expected: 450k. previous: 194k). As usual, if these numbers come out better than expected you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: Freighters backed up, lack of workers to unload those freighters, shortages everywhere = the only thing I remember from my high school economics class: supply and demand. This is causing inflation to spike which is bad for rates. Today we find a conforming 30tr fixed (*that’s for any loan at $625k or less) at 3.125%, and 15yr fixed conforming loans at around 2.50%. Jumbo interest rates (*over $625k) are also hovering in the low-3S, while ARMs are ranging anywhere from 2.375% – 2.875%. 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 finding fake things to buy.
Don’t Forget to Remember: Any purchase or refinance loans that close 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 if you like historical art memes.
Cookie Quote of the Day 2: “Think of what a better world it would be if we all, the whole world, had cookies and milk about three o’clock every afternoon and then lay down on our blankets for a nap.” – Barbara Jordan
Timeout for Trivia: Congrats to those who last week guessed John Goodman. Want to be entered into a drawing to win a Banjo Cat Necklace? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 2013 the first-ever YouTube Awards were held in New York City. I won the YouTube Phenomenon Award – which I guess is cool. An anagram for my name is ‘A Lofty Wrist’ – haha, I don’t know about that but early in my career, I did have lofty goals. I wanted to be the greatest country singer of all time and I moved to Nashville when I was 14 to make it happen. How did I do? I wasn’t that bad but saw pop music as my true ticket to stardom. I shifted over to pop and hit the big-time with my fifth album that was released in 2014 (or was it in the late ‘80s?). One of the biggest hits from that album had a title that described what a dog would do after a bath.”
