Hey, Mortgage Fans!
Money Quote of the Day: “Too many people spend money they earned…to buy things they don’t want…to impress people they don’t like.” – Will Rogers
Today in Economic History: It was on this date in 1810 the New York branch of the Journeymen Cordwainers were put on trial for illegally conspiring during a strike. They were found guilty and had to pay punitive fines of $1.00. This defeat for the union workers did not deter the labor union movement, and in 1842 the Massachusetts Supreme Court overturned the legal conflagration of strikes and conspiracies. (*Two things: First, I totally copied that sentence and really have no idea what conflagration actually means. Second, anyone looking to name their band The Journeymen Cordwainers can stop right there, I’ve already got dibs on it.)
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 four reports about inflation, the Fed Beige Book Report, and two Fed Presidents speaking, tomorrow the PPI and Core PPI reports, along with the Federal Budget, and then on Friday the Consumer Sentiment Report. If these come in good for the economy you’ll see rates tick up, and vice versa if the numbers disappoint. (strong economy = higher rates).
Interest Rate Update: Today we find a conforming 30yr fixed (*that’s for any loan at $726k or less) rate ranging from the high-6s to low-7s. For a jumbo 30yr (*over $726k) They can be found in the low-to-mid 7s. I know what you’re thinking: When will Barry get a haircut? Don’t worry, it’s scheduled for this week. I know what else you’re thinking: When will ARMs come back? The answer is jumbo ARMs are starting to make a comeback – all in the mid-to-upper 6s, feel free to ask me about them! As usual rates will vary based on type of home, equity in the home, your credit score, and if you like Pulp Fiction facts
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 co-slackers that can use this gift.
Possible Game Show Answer: At one point in the 1990s, it was estimated that 50% of all CDs produced worldwide were for AOL.
Money Quote of the Day 2: “I’m sick of being the guy everyone comes to when they want money I owe them.” – @conanobrienswyf
Timeout for Trivia: Congrats to those who guessed Tom Hanks last week.
Want to be entered into a drawing to win a Baywatch T-shirt. Simply email me the answer to this week’s Who Am I? question. Good luck:“It was on this day in 2018 I was nominated for an Emmy award in my leading role in my series!! Well, it was a BBC series but listen, I’ve had plenty of action back here in the states. Hey, sports fans, do you remember my HBO series that ran from 1996-2002? I played a personal assistant in that one but had more rank in my medical drama whose title also means Shaded Embodiment. I did that for ten seasons, and it’s still running without me! A nickname for my first name can be something found at the beach. You want a hint for my last name too? Oh, no – I don’t want to give it away.”
