I was 15-years old in 1981. To me the worst part of that year was Charlie’s Angels and The Muppet Show both got canceled. The worst part of that year for my dad? Buying a home when 30-year fixed rates were at their all-time highs. In September of 1981 rates were at 18.75% – and that’s only if you paid 2 points which was the norm back then. I can’t imagine how my dad slept at night knowing there would be no more Charlie’s Angels. Oh, and guess paying the mortgage kept him up too. On a $300k mortgage the principal & interest payment would’ve been $4,700 back then. Now? $1,263. More about rates further down in the blog…
Credit Quote of the Day: “My grandfather once told me that there were two kinds of people: those who do the work and those who take the credit. He told me to try to be in the first group; there was much less competition.” – Indira Gandhi
This Week in Economic History: It was on this week back in 1824 America’s most fashionable street started as a residential area. Fifth Avenue is now known for its upscale and posh businesses such as Gucci, a 24-hour Apple store, Louis Vuitton, and Tiffany’s. Hey, speaking of Tiffany’s.
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 Pending Home Sales as well as Fed Chair Jerome Powell’s press conference, tomorrow Initial Jobless Claims, and on Friday Consumer Spending (which should be down because my wife threw out the Sharper Image catalog before I could look at it.)
Interest rates remain super-low, Mortgage Fans. A conforming 30yr fixed (*that’s any loan at $510k or less) can be found in the high-2s to low-3s, while jumbo 30yr fixed rates (over $510k) can be found anywhere from the low-to-upper 3s. Keep in mind there’s some great 15yr fixed rates and 10yr ARM rates on both sides (conforming and jumbo) – feel free to reach out any time for a quote. And as usual rates will vary based on type of home, equity in the home, your credit score, and if you crave17 facts about Elvis
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will knock $575 off of the closing costs (and more for essential workers). Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or co-slackers that can use this gift.
Credit Quote of the Day 2: “So you’re telling me my credit score should have three digits?” – @Lakeoconeebldr
Timeout for Trivia: Congrats to those who last week guessed Selena Gomez. Want to be entered into a drawing to win a Golden Girls Mini Magnet Set? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s not easy becoming an aging rock band. It was on this day in 2007 that we had to cancel a show after our lead singer and guitarist (a guy with two first names) had heart problems. We’d like to think of happier days like in April of 2014 when we were elected into the Rock & Roll Hall of Fame (we played there all night!) We’ve sold over 100-million records and placed 9th on MTV’s likes of Greatest Metal Band of All Time. Our band is one word that is an act you might want to do with a loved one and faster to say than our nicknames: The Starchild, The Demon, The Spaceman, and the Catman. What’s that? Oh yeah, we hear you calling but can’t come home right now.”
