Dream Quote of the Day: “It is not true that people stop pursuing dreams because they grow old, they grow old because they stop pursuing dreams.” – Anonymous (*Side note: in the ‘90s I had recurring dreams all the time that I would show up to work every day dressed like Peter Pan and people would look at me funny but never ask me why I wore that outfit. My shrink and I talked about it, she thinks it had to do with angst I felt in grade school. Anyway, I don’t know why I’m telling you this. Kinda weird. Please just forget these last few sentences and let’s get back to the blog.)
Today in Economic History: It was on this day back in 1877 that Baltimore railroad workers went on strike. The state militia was called in, violence erupted, and nine strikers were killed. After the violence against the strikers, sympathetic workers from all around the country went on strike themselves, and the summer of 1877 was dubbed the “Summer of Strikes.” Speaking of strikes, who’s up for some bowling trick shots?
This is the part of the blog where I tell you how economic reports are released daily that can impact interest rates. But… these reports haven’t mattered that much since the pandemic started. We see rates go up, we see rates go down, we see wheels on the bus spin round and round – there’s no rhyme or reason to any of it. Just for kicks though today we’ve got Capacity Utilization report, tomorrow Jobless Claims and Retail Sales, and on Friday the U of M Consumer Sentiment Report.
Interest Rates remain anywhere from the high-2s to mid-3s for a conforming 30-year fixed loan (*that’s any loan at $510k or less) and mid-2s for a 15yr fixed conforming loan. Jumbo loans remain higher bnu the spread is too big to even post here. Long story longer: rates will vary based on purchase or refi, type of home, equity in the home, your credit score, and if you’ve been arrested for breaking into a bank to heat up Hot Pockets.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me automatically gets a $575 closing cost credit (and more for essential workers)! Grab yourself a cup of instant karma and pass this info onto any friends, family, coworkers, or Insufferable Facebook posters who can use this gift.
Dream Quote of the Day 2: “If you ever want someone to listen to you describe a dream, just lie and tell them they were in it. Not too big a role, just the kind of part a director might give his nephew.” – @joshgondelman
Timeout for Trivia: Congrats to those of you who last week guessed Kevin Bacon. Want to be entered into a drawing to win a Froot Loops T-shirt ? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday tomorrow, and if I told you that you will know my name just from reading this sentence would you still need more hints? I’ll give them to you anyway – you might remember me from watching the news. Um, the news in the movies. Or maybe you remember my nude scene at a party in my 2003 movie that starred a famous rapper. You still don’t know me? What if I told you I try to be a vegetarian but from time to time I like meatloaf.”
