You Quote of the Day: “Be who you were created to be, and you will set the world on fire.” – St. Catherine of Sienna (*also maybe Mrs. O’Leary’s cow)
This Week in Economic History: Although officially signed on May 2nd, the Louisiana Purchase was actually finalized on April 30th, 1803. For the price of 3 cents an acre, the U.S. purchased 828,000 square miles of land from France for the total price of $15 million. (*President Thomas Jefferson was criticized at the time for not waiting until Black Friday when it would’ve only been 2 cents an acre. Stupid joke, sorry about that, Mortgage Fans. Let’s just do what we can to put it behind us and move forward.)
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 the Pending Home Sales report, tomorrow Jobless Claims, and on Friday the Core PCE Report (*inflation) and Consumer Spending (*This will come in higher than anticipated, I just bought a couch.) If the numbers come in good for the economy, you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: When clients call me and ask the rate, there’s usually a moment of silence where I’m not sure if their hearts have stopped or not. I have to keep reminding people that rates are still lower than the historical average. As of today, you’ll find a 30yr fixed conforming rate (*that’s at $647k or less) at 5.625% and a jumbo 30yr (*over $647k) about the same give or take a quarter. Jumbo ARMs are still hanging in there – high-4s/ low-5s. As usual, rates will vary based on the type of home, equity in the home, your credit score, and if you were born without a collarbone.
Don’t Forget to Remember: Anyone who closes a purchase or refinance loan with me, I will waive $575 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that have bought one of the most expensive 15 things ever bought that can use this gift.
You Quote of the Day 2: “By a show of Hans, how many of you are German?” – @jazmasta
Timeout for Trivia: Congrats to those who last week guessed Amy Schumer. Want to be entered into a drawing to win an Itchy & Scratchy sweatshirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 2009 we gave a free concert in Hawaii to appease angry fans who had sued us for canceling a concert in Maui two years earlier in favor of a bigger gig in Chicago. What do you expect from a band that is referred to as the Bad Boys of Boston. We were successful in the 70s, then hit a slump in the 80s before teaming up with a rap group to remake one of our songs (*the first word in that song’s title is the opposite of the first word in the name of the rap band). We are such a successful band that we even had a popular video game named after us! We also have ties to TV and movies, our lead singer has a daughter who starred in a trilogy of movies that could be retitled ‘Ruler of the Circles’, and in 2017, Caitlyn Jenner declared one of our hits her theme song.”
