Hey Mortgage Fans!
Supply Quote of the Day: “As I hurtled through space, one thought kept crossing my mind – every part of this rocket was supplied by the lowest bidder.” – John Glenn
This Week in Economic History: It was on this date in 1977 when President Jimmy Carter proposed legislation to make sure Social Security would stay secure. The proposed legislation called for a .5% increase in taxes to extend the life of Social Security. After being revised in Congress, the bill was passed in the winter of 1977. Is there anything better than bills getting passed
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. This week is filled with a whole bunch of inflation reports – today CPI, Core CPI, CPI Year Over Year, tomorrow PPI, Core PPI, PPI Year over Year, etc. – lots of boring stuff but the boredom doesn’t end there. Fed Governor Christopher Waller will speak, and on Friday The Consumer Sentiment Report. Yes, boring but important – we want these reports to show inflation is under control so rates will come down.
Interest Rate Update: We’re starting to see the dog days of rates before the dog days of summer (read: settling into only minor changes week-to-week). Today a 30yr fixed conforming rate (*that’s for any loan at $726k or less) running anywhere from 6.375% – 6.875%, and jumbo 30yr fixed rates (*over $726k) in the mid-6s. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know a wedding crasher
Don’t Forget to Remember: Any purchase or refinance that closes with me I will waive $450 in lender fees! Grab yourself some instant karma and pass my info along to any friends, family, coworkers, or baby animals that can use this gift.
Possible Game Show Answer: The word ‘dude’ originated in the 1800s as an insult to men overly concerned with the latest fashion trends. And in my lifetime, Mortgage Fans, there was no one who used the word better than this dude
Supply Quote of the Day 2: “Glitter is the herpes of craft supplies.” – Demetri Martin
Timeout for Trivia: Congrats to those who guessed Tobey Maguire last week!
Want to be entered into a drawing to win an Einstein figurine. Simply email me the answer to this week’s Who Am I? question.
Good luck: “It was on this day in 2019 my song topped the charts globally and broke Spotify’s single-day streaming record, but I don’t care about records – and this just in: I didn’t do it by myself, in fact the other singer’s name can be found somewhere in these last couple of sentences. Let’s go back to 2011 when I released my very first hit single whose title is the same title as a bad 1980s show (starring a Rocky antagonist). I’ve had lots of hits, and thankfully I can title them whatever I want. My album titles though, they sound like they were all derived from a subject in school. Final hint: listen to me or see me in concert – or both, that leads to an anagram for my name –‘Seen Heard’.“
