Hey, Mortgage Fans!
Condescending Quote of the Day: “You ever talk about a movie with someone that read the book? They’re always so condescending. ‘Ah, the book was much better than the movie.’ Oh really? What I enjoyed about the movie: no reading.” – Jim Gaffigan
Today in Economic History: On this day in 1931 Great Britain abandons the gold standard for its currency. Americans fearing their country would follow suit, immediately started to pull their money from banks across the country. They feared that not having gold backing their money’s value would leave them broke. The resulting withdrawals caused a total of 827 banks to close their doors. Two years later the US would follow suit and abandon the gold standard.
Possible Game Show Answer: Most people know that Apple was founded by Steve Jobs and Steve Wozniak. But back in the day, there was a third Apple founder: Ronald Wayne sold his 10 percent stake for $800 in 1976 which makes him the Pete Best of the technology world.
Wuss’up This Week: All eyes on the Fed today as they will announce whether they are raising rates again. Some bad inflation reports last week brought some drama to the announcement because it had been decided that there probably wouldn’t be any more raises this year (*by ‘it’ I mean ‘me’), but we will find out very shortly. In other news, tomorrow we’ve got Jobless Claims, and Existing Home Sales (4.10 million predicted), and on Friday, some Fed Presidents will speak. If the news comes out good for the economy, you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: We find rates about the same where they were last week at this time. A conforming 30yr fixed loan that is $250k or less is in the mid-to-upper 6s, loans over $250k have a wide range of the low-7s-to-upper-7s, and jumbo 30yr fixed loans (*over $726k) can be found in the low-7s, and even as little bit lower for ARMs. As usual, rates will vary based on the type of home, equity in the home, your credit score, and if you’ve observed a good truck spill.
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 name along to any friends, family, coworkers, or celebrities that can use this gift.
Condescending Quote of the Day 2: “I’m sure wherever my Dad is, he’s looking down on us. He’s not dead, just very condescending.” – Jack Whitehall
Timeout for Trivia: Congrats to those who last week guessed Kate Hudson!
Want to be entered into a drawing to win a Walter White Bobblehead?
Simply email me the answer to this week’s Who Am I? question. Good luck: It’s my birthday tomorrow and my old age has me absolutely horrified! But… age is just a stage of mind, and what a mind I have. Am I royalty? No. Do I like a particular fast food chain? No. But let’s talk about my first name instead: I share my first name with a late-night talk show host, one of the best directors of all-time, and an old rock star with big lips. My favorite movies, you ask? Really you should be talking about another form of entertainment, but for the big screen I love that one movie where the character name probably came from the expression about being careful in small economical matters while being wasteful in larger ones.”
