Lawyer Quote of the Day: “I busted a mirror and got seven years bad luck, but my lawyer thinks he can get me five.” – Stephen Wright
Today in Economic History: It was on this day in 1912 Hollywood movie-making studio Universal was started. It was the first major studio in Hollywood, making billions of dollars producing hits like Jaws and Jurassic Park. Before we all start to say how great Universal is let’s remember they also came out with Jaws 2, Jaws 3-D, and Jaws: The Revenge. Sometimes movies are so bad that they are actually good – but none of these fall into that category – and I’m actually surprised they haven’t come out with Jaws: the Musical. And while we’re on the subject it’s been 46 years since it premiered as the first ever summer blockbuster. I was a little kid in ’75 and I begged my dad to take me to see it. He promised to take me if I wouldn’t be scared to go into the ocean when we went to Florida. Deal! The movie opens with a girl skinny-dipping and I remember thinking, This is the greatest movie ever made!! After that though the party was over – I was scared of oceans, lakes, bathtubs, sinks, and water balloons. Helluva movie though, here are some Jaws Facts for you.
Wuss’up This Week: last week was a slow week for economic activity but this week makes up for it with job reports. On Thursday we have two: the ADP Employment Report and Jobless Claims (expected: 400k), and on Friday the Employment Numbers for May – this is the biggest report every month that can sway interest rates in either direction. It’s expected to show 674k new jobs with the unemployment rate falling to 5.9%. If these reports come in better than expected for the economy you’ll see rates tick up, and vice-versa if the numbers disappoint.
Interest Rate Update: Today we find 30yr fixed conforming rates (*that’s for any loan at $548k or less) in the high-2s/low-3s, and jumbo 30yr fixed (*over $548k) in the low-3s. 15yr fixed conforming rates are in the low-to-mid 2s, and conforming ARMs can be also be found in the low-to-mid 2s, with Jumbo ARMs a touch higher. As usual rates will vary based on if it’s a purchase or refinance, credit score, type of home, equity in the home, and if your home has an unusual balcony.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $575 in fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like uplifting photos that can use this gift!
Lawyer Quote of the Day 2: “Just finished going through the terms and conditions for iOS 14 with my lawyers. Looks good, guys, I think I’m going to accept.” – @markleggett
Timeout for Trivia: Congrats to those of you who last week guessed Stevie Nicks. Want to be entered into a drawing to win a Nicolas Cage Duck Watercolor painting? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2012 I married for the 3rd time – proof that I’ve been kissed at least three times! This was my longest marriage, it lasted 4 years. My marriage before this one lasted less than a year, proof Kermit knew what he was singing about. Am I hard to live with? I’m not an angel although Hollywood would disagree with me. The author of this blog would love to do my loan because an anagram for my name is ‘Dreamy Borrower’, but really – I would pay cash as my films have grossed over $2-billion worldwide (*this includes the highest-grossing slasher film of all-time. Think: popcorn for my role.)”
