October 24, 2023 By Barry Schwartz

Hey, Mortgage Fans!

Gift Quote of the Day: 
“I opened two gifts this morning. They were my eyes.” – author unknown

Today in Economic History: it was on this day in 1858 when, after several unsuccessful business attempts, 
Roland Macy founded his own department store in his name. Today, Roland’s is the biggest department store by volume. Just kidding. Macy’s.

Possible Game Show Answer: In Columbia, dried ants replace popcorn 
as the typical movie theater snack. I’m not sure if they offer them buttered or not, Mortgage Fans, I’ll try to find out…

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 New Home Sales, tomorrow Durable-goods Orders and Pending Home Sales, and on Friday three inflation reports. If these come in good for the economy you’ll see rates tick up, and vice-versa of the numbers disappoint.

Interest Rate Update: Today we find a conforming 30yr fixed loan in the low-to-mid 7s if that loan is at $250k or less, and 
super-high 7s to low-8s if the loan is between $250k-$726k. Jumbo fixed rates are in the 8s as well, although some ARMs will bring those down to the high-7s. I know you’re thinking, “Rates in the eights?” Yes, Mortgage Fans, it’s not a pretty number but I will remind you that in Jan of 2000 – the last time rates were this high, they started a swift drop that had them into the 3s just three years later. I’m in the opinion we are at the top of the roller coaster now (*only in this analogy I vomited as they were going up, not on the drop) so let’s enjoy the rest of the ride, it’ll be better than where it started. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like behind the scenes movie pics

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 with horrible tattoos that can use this gift.

Gift Quote of the Day 2: 
“If anyone tells you ‘everyday is a gift, that’s why it’s called the present” just say, “Everyday begins in sadness, that’s why it’s called the mourning.”” – @jonnysun

Timeout for Trivia: Congrats
 to those who guessed Zac Efron last week!
Want to be entered into a drawing to win a Frosted Flakes T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: Two of my hits were released on this date – the first one is about someone I went out with for a short period of time (*I should’ve gone after one of his siblings), and actually it would be a better clue if I said we dated for about the amount of time it takes to drink a cup of ___. The second one has been rumored to be about that same person – but I’ll tell you it’s the last song I’ll ever write about or talk about concerning my ex. Most people in the music industry have to grind it out over a period of years to make it to the big time, my fame happened pretty quickly. Wait, what’s another word for quickly – hahaha! Final hint: I was born out east but my favorite professional team is in the Midwest with a politically incorrect nickname.

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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