Dream Quote of the Day: “If you don’t build your dream someone will hire you to help build theirs.” – Tony Gaskin
Today in Economic History: It was on this date in 1894 when income tax first became a legislative issue in the US Congress. The Supreme Court later struck down this bill (the Wilson-Gorman Tariff) but it did put the idea of a national income tax on the legislative map. With the passage of the 16th Amendment in 1913 income tax soon became a part of American life. And with that, Mortgage Fans, I leave you with 25 fun tax facts.
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 Durable Goods Orders (*this is a report that measures the sale of items that last a long time like cars, refrigerators, and the 128-ounce ketchup bottle I bought at Costco three years ago), tomorrow Jobless Claims, and on Friday Consumer Spending Report. If these numbers come in good for the economy we will see rates tick up, and vice versa if the numbers disappoint.
Interest rates remain stubbornly flat. Today we find a conforming 30yr fixed-rate (*that’s for any loan at $548k or less) in the high-2s/low-3s, 15yr fixed in the low-to-mid 2s, and ARM rates all over the place from the low-2s to upper-2s. For jumbo loans (*over $548k) the 30yr fixed is also in the upper-2s/low-3s, with ARMs in the low-to-mid 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 weather ruined your day.
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 born with rare genetics that can use this gift!
Dream Quote of the Day 2: “Just landed my dream job of “before” picture.” – @meganamram
Timeout for Trivia: Congrats to those who last week guessed Andy Samberg. Want to be entered into a drawing to win a McLovin Throw Pillow? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date many, many years ago I released one of my most successful albums whose title will make you think of Usain Bolt. An anagram for my name is ‘Representing Cubs’ – yeah, I could see that from my appearance at Wrigley almost a decade ago. I’m in a good mood these days, despite not completing my EGOT (Emmy, Grammy, Oscar, and Tony awards) in 2019l. What’s that, you didn’t know I won an Oscar? That’s right, back in ’94 in a movie about a gay lawyer, and ten years before that I danced with a good friend onstage that won me my first Grammy. You still don’t know who I am? Well, if you ever meet me in person don’t ask for a raise, that’s annoying.”
