Abe Lincoln started his Gettysburg address, “Four score and seven years ago…” Back then a ‘score’ was 20 years, which meant that he meant ’87 years’. Why didn’t he just say that?! It’s like you had to be a math major to attend one of Lincoln’s speeches, but maybe that’s the way everyone spoke back then. It’s interesting how words change over time. When I was growing up, if an athlete messed up a play that made their team lose they were called a goat. Now? GOAT stands for the Greatest of All-Time. Up until the 90s a bomb was bad, but then someone coined the phrase, “You da bomb” which means you are awesome and probably not going to blow up. Sick used to mean sick, but now it means sick (i.e. a great move in a video game might have your buddy saying, “That was so sick, dude!”) While not a word, ‘LOL’ has changed over time as well. People used to text that if something was funny and made them laugh, but now I see my kids use it to end a sentence much like how a period used to end a sentence from the 7th century until around 2009. I texted my son to check out the Bulls score (they were losing by 40 points) to which he replied, “They are horrible LOL” He then asked me if we were meeting for lunch the next day to which I replied, “Can’t tomorrow, have to go to a funeral LOL.” I ended it like that just to test him to see if he’d even question why it was funny. Predictably he did not. You know what else changes over time? Interest rates! Over the summer they were score minus twelve, now they are back into the 6s. Before I talk about rates though, here’s some good quotes about words…
Word Quote of the Day: “One kind word can change someone’s entire day.” – author unknown
Possible Game Show Answer: Forrest Mars, the creator of peanut M&Ms, was allergic to peanuts. (*FYI – I once decided that if I ever became a famous actor I would go by the name Hunter Cannon or Dino Starr. But now, I’m thinking Forrest Mars would be a helluva stage name too.)
Today in Economic History: It was on this day in 1870 when the Supreme Court ruled that Hepburn v. Griswold made the Legal Tender Act illegal, and as a result the U.S. was not able to repay debts created before 1962 with money that was created under the Act. (*This reminded me of when I borrowed $10 from my brother in 6thgrade and then told him there was no paying him back because our dad took away my allowance for not doing my chores that week.) President Grant used his executive powers to overrule the Supreme Court which once again made the Legal Tender Act legal.
Wuss’up This Week: Well… guess before we talk about this week we should talk about last week. Employment numbers came in double what was expected which is never interest rate friendly. More about that in the next paragraph, but I do think they will continue to trickle down. In the meantime, today we have a handful of Fed Governors and Presidents speaking about the economy, tomorrow Jobless Claims, and on Friday Dallas Fed Prez Lorie Logan will speak as well. So… not a lot of reports going on that can shake up rates, but the opinions of the speakers can still do damage (or good, but usually damage).
Interest Rate Update: Today we find a conforming 30yr fixed loan (*that’s for any loan at $766k or lower) at around 6.50% if the loan is at $250k or less, and for loans at $251k-$766k they are anywhere from 6.625% – 7.25%. For Jumbo 30yr fixed we are still high – 7.625% give or take, but some fantastic ARMs about a point lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you can disarm a nuclear bomb
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 appreciate art memes that can use this gift.
Word Quote of the Day 2: “Words are free. It’s how you use them that may cost you.” – KushandWizdom
Timeout for Trivia: Congrats to those who last week guessed Justin Timberlake!
Want to be entered into a drawing to win a Fried Chicken Necklace? Simply email me the answer to this week’s Who Am I? question. Good luck: “The show I am on premiered on this date back in 1982! Back then the guy that ran the show didn’t have the long beard he has now. After him and before me there was a guy who wrote for the Simpsons, and a guy I now compete with on another network – I call them the Messy Three because that’s also an anagram for my name. Before this show you might remember me from SNL – I did fantastic impressions of Michael Caine, Anderson Cooper, Ryan Seacrest, etc. But my true claim to fame on that show was working with Amy after her friend left.”
