December 12, 2023 By Barry Schwartz

Hey, Mortgage Fans!

Ice Cream Quote of the Day: “Just taught my kids about taxes by eating 38% of their ice cream.” – Conan O’Brien

Today in Economic History: It was on this day back in 1978 when the Mint made a $1 coin with famous suffragist Susan B. Anthony’s picture displayed on it. I remember my dad went to the bank and got shiny new ones for me and my brother, telling us what a special coin it was and not to spend it. I’m proud to say I took his advice and didn’t spend it. For 3 days. Then blew it on gum & candy. My brother, who invented hoarding before hoarding was a thing, saved his, and I’m happy to report that his coin – which is in mint condition – is now worth $1.35. And that, Mortgage Fans, is the lesson to live for today!

Possible Game Show Answer: Human beings are the only animals confirmed to cry tears in response to emotions (*to this I will add being a Chicago sports fan I have cried tears in happiness, sadness, anger, embarrassment, and jealousy. Still waiting for fear, disgust, and shame which I’m sure will happen eventually.)

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 a few inflation reports that start with the Producer Price Index, and end with the Fed’s decision to leave interest rates where they are. (*this would be a good time for Fed Chair Powell to start dropping hints about rates being lowered in 2024), tomorrow Jobless Claims, Retail Sales, and Business Inventories, and then on Friday the Capacity Utilization Report. Should these reports come out stronger than expected you’ll see rates tick up, and vice versa if the numbers disappoint.

Interest Rate Update: Today we find the conforming 30yr fixed rate at around the mid-6s for any loan at $250k or less, and upper 6s/low-7s for any loan in the $250k-$726k range. For a jumbo loan (*over $726k) they can be found in the low-8s for a 30yr fixed and low-to-mid 7s for a 7yr ARM. As usual rates will vary based on type of home, equity in the home, your credit score, and if you misquote famous movie lines

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 enjoy movie facts they didn’t know that can use this gift.

Ice Cream Quote of the Day 2: “When I want something a little healthier than an ice cream sandwich, I usually go for an ice cream salad.” – @badbanana

Timeout for Trivia: Congrats to those who last week guessed Harry Styles!

Want to be entered into a drawing to win a Hot Weiners T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck:“: “It’s my birthday today and I’m lucky to be alive after everything that happened this year. Does my name make me part of the animal kingdom? No, but my name does hang out in the woods like the Merry Men in my 2018 movie. I’m not married, I did date an actress (2013-2019) whose last name will make you think of a detective, but she made a good living so don’t call her a gold digger. (Why am I in the mood to sing all of the sudden?). Hey, speaking of singing, did you see the movie I made about a famous singer – I saw it but he didn’t. Enh, no worries, he is still a – how do you say it – a piece of light in my life.”

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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