October 10, 2023 By Barry Schwartz

Hey, Mortgage Fans!

Three Quote of the Day: “There are three ingredients in the good life: learning, earning, and yearning.” – Christopher Morley

This Week in Economic History: It was on this date in 1837 when Congress called an emergency meeting to figure out how to stabilize the nation’s economy during the Panic of 1837; their efforts failed, and the depression persisted for another seven years. (*After getting dumped by my girlfriend freshman year of college, I’m happy to report the Great Barry Schwartz Depression only lasted about two years after that breakup.)

Possible Game Show Answer: A cough can propel saliva droplets as far as 20 feet at speeds up to 25 to 50 mph.

Wuss’up This Week: Well…. first we should talk about last week. All 3 employment reports were good for the economy which ended up being bad for rates. Yech… never thought I’d be sad to see the economy thriving like it is (although it doesn’t feel like it, and don’t get me started on inflation – my Yen Yen four veggie egg roll order used to be $8, now it’s $12, and like most people I’ve been guilted into leaving a tip when I pay for it). Okay, I’m done complaining – let’s look at what’s going on this week: today we’ve got a handful of inflation reports along with the Minutes from the Fed’s September meeting, tomorrow Jobless Claims, and on Friday the Consumer Sentiment Report.

Interest Rate Update: For loans at $250k or less conforming 30yr fixed rates can be found in the low-to-mid 7s, anything over that in the mid-to-very upper 7s. For Jumbo 30yr fixed (*over $726k) we find rates in the lower-8s for a 30yr fixed but for ARMs the mid-7s. As any good borrower knows now, get the jumbo ARM and refinance when rates drop in the (hopefully) near future. As usual rates will vary based on type of home, equity in the home, your credit score, and if you miss the 90s.

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 who like funny images that can use this gift.

Three Quote of the Day 2: “So, you’re telling me my credit score should have three digits?” – @Lakeoconeebldr

Timeout for Trivia: Congrats to those who last week guessed Selena Gomez!

Want to be entered into a drawing to win a Backstreet’s Back Backstreet Boys T-Shirt?Simply email me the answer to this week’s Who Am I? question. Good luck: “My Fox show premiered on this month in 2011 (*editor’s note – really September, I wrote this question to run a couple weeks ago and forgot to include it.), ran until 2018, won me an Emmy as well as a handful of Golden Globes, and could be retitled Latest Lady. I was named after a protagonist in a J.D. Salinger novella, not a place people come to San Diego to see. I’m not just about TV, I’ve had some small parts in movies in the early 2000s, and then my commercial breakthrough came in a 2003 Christimas movie starring an SNL alumnus. The low point of my career, according to this blog’s author, was hosting a dating show in 2021 with an overrated singer who found his fame in the 80s/90s.”

About The Author


Barry Schwartz

Originally from Wilmette, Illinois, Barry graduated from the University of Kansas in the late 80s and started working for Perl Mortgage in 1998. Barry's drive and motivation came from his first home buying experience. His dedication to clients has helped Barry win industry recognition and rankings in the Top 40 Under 40 and Scotsman Guide Top 200.

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