The first day I got my driver’s license I went to the Dairy Queen in Wilmette and scraped up the side of my Toyota Corolla against the dumpster in the parking lot. I remember shouting out the window, “Who puts a stupid dumpster in a parking lot?!” (*side note answer: every restaurant in existence). Then on the drive back with a burger in one hand and a Mister Misty in the other I lost control and hit the guardrail on the highway overpass – it was a helluva first day! When I got home I told my parents it was a hit & run (*only half a lie since I was the ‘hitter’) and they gave me the courtesy of pretending to believe I was telling the truth. To this day it wasn’t their best parenting move, but it got me through a rough start to my driving career. You know who else is a bad driver? Fed Chief Jerome Powell, he’s having a hard time driving these rates down! Last week’s inflation reports were rate-killers, this week’s economic data won’t be as painful, more about that below…
Driving Quote of the Day: “You never really learn to swear until you learn to drive.” – Robert Paul
Today in Economic History: It was on this date back in 1964 when the Ford Motor Company unveiled it’s newest sports car which they called the Mustang. This car became synonymous with both the Ford name and with American-made sports cars in general. Here are 14 fun facts about the Mustang.
Possible Game Show Answer: Adult cats only meow to humans, not other cats. Also, a little Barry Schwartz trivia, here is the first cat I ever had a crush on.
Wuss’up This Week: Reports about our economy are released into the wild every day, and it’s these reports that can sway interest rates in either direction. Today we’ve got the Fed Beige Book Report, tomorrow Jobless Claims and Existing Home Sales, and on Friday Chicago’s own Fed Prez Austan Goolsbee will be speaking. If these reports come in good for the economy you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: Today we find the conforming 30yr fixed rates at around high-6s/low-7s for a loan at $250k or less. At $251k-$766k they can be found in the low-to-mid-to-upper 7s. For a Jumbo loan (*more than $766k) they are at 7.99% for a 30yr fixed and about a half a point less for a 7yr ARM. As usual rates will vary based on type of home, if you’re a first time home buyer, equity in the home, your credit score, and if you like to know about real people & events mentioned in hit songs.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me, I will waive $450 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like charming tattoos that can use this gift.
Driving Quote of the Day 2: “The Braille on the drive-thru ATM actually says, ‘Move to the passenger seat.’” – @hmmmwes
Timeout for Trivia: Congrats to those who last week guessed Dave Grohl!
Want to be entered into a drawing to win a Flying Skirt Tissue Box? Simply email me the answer to this week’s Who Am I? question. Good luck: “Aloha, Mortgage Fans! It was on this date in 2011 when the show I was a part of premiered on HBO, it ran for eight seasons and was nominated for 59 Emmy Awards. Way before that I made my acting debut on a lifeguard show (1999-2001), and then it was onto my series that ran on Syfy from 2004-2009. I think it was that series that garnered me enough attention to play the kind of superhero that was needed to play the DC character in my 2018 movie, and I must say I played the part a helluva lot better than Vincent Chase! Okay, last hint: My first name is the same name as a movie serial-killer, and if you added an S to my last name it would sound like a cocktail that consists of champagne and orange juice.”
The Adieu Mortgage Haiku:
Inflation reports
Are killing interest rates
We need deflation!
