I can’t dance. If someone put a gun to me and told me to show them a millisecond of rhythm, I would be a dead man. Years ago a bunch of my friends were invited to watch a video of a wedding I stood up in. What started out as a fun viewing party ended up being a ruthless intervention as they likened my dancing to one of those spastic inflatable tube men in front of car dealerships. As we approach the 4th quarter of 2022, I can safely say the housing market and interest rates both resemble the out-of-control jerky ups and downs that I have displayed at every wedding I’ve been to. More thoughts on rates below, but in the meantime let’s dance through this blog together:
Dancing Quote of the Day: “If you can’t get rid of the skeleton in your closet, you’d best teach it to dance.” – George Bernard Shaw
This Week in Economic History: It was on this day in 1966 the Senate adopted legislation to raise the country’s minimum wage to $1.40. And a nice juxtaposition for you – it was on Sept 15th, 1946 Oliver Stone was born. Stone’s most notable contribution to the economic world was his movie Wall Street and its best known quote, “Greed is Good.” Here are some more interesting facts about Mr. Stone.
Wuss’up This Week: A bunch of reports coming out that can impact interest rates. Today we’ve got the Producer Price Index, tomorrow Jobless Claims, Retail Sales, Capacity Utilization, and tomorrow the U of Michigan Consumer Sentiment Index. Wow – lots of boring stuff! If these numbers come in good for the economy you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: Yesterday’s inflation report was a rate killer, so today we find a conforming 30yr fixed loan (*that’s for any loan at $647k or less) in the low 6s, and jumbo 30yr fixed (*over $647k) spread out all over the 5s. As usual rates will vary based on type of home, equity in the home, your credit score, and if you’re good at Final Jeopardy Questions that no one else got right.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive a BIG chunk of lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or spiteful people who can use this gift.
Dancing Quote of the Day 2: “Salsa dancing is only popular because guacamole dancing costs extra.” – @formerhumorist
Timeout for Trivia: Congrats to those who guessed Adam Sandler last week. Want to be entered into a drawing to win a Mr. Bubble T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2007 my movie premiered where my costar has a real-life name that makes him sound like a hillbilly. A couple years after that movie I starred on a TV show that ran for 7 seasons. Did I like it? Nope. K, that’s a play on words. In real life my marriage didn’t last but I have two beautiful kids who would call me their mom. Maybe even a cool one. Speaking of mothers, I played a surrogate mother in 2008 to my fellow SNL alum. Final hint: Anagram for my name is Mayo Helper.”
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Disclaimer: The views and opinions expressed herein are those of the author, Barry Schwartz and do not necessarily reflect the views or positions of any entities they represent.
