Hey Mortgage Fans!
There’s been a lot of talk about me on social media, and I want to clear up the rumors right now: I ain’t no Hollaback girl! Actually, that song has been stuck in my head for the last couple of days, but you know what other songs are swimming in my head now? Fall by Eminem, Falling by Harry Styles, and my least falling song, Rates Aren’t a Fallin’ by The Fed. More about that below.
Falling Quote of the Day: “If you don’t fall down, you aren’t trying hard enough.” – Tenley Albright
Did’ja Know: In the early 1900s, only 7% of the people in this country had mortgages. Why? Back then, a homebuyer had to put 50% down, and the mortgages only went for five years. A lot has changed since then; here in Illinois, 66% of households have a mortgage. The state with the highest number of homes with mortgages: are Minnesota and Maine at 72%. The lowest: is New York at 54%.
Possible Game Show Answer: Juicy Fruit, Cracker Jack, and the Ferris Wheel all made their debuts at the 1893 Chicago World’s Fair. What’s that, you want Cracker Jack facts?
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 Retail Sales Report (expected: up 1.7% – I think this will happen, I just went to Target and bought new boxer shorts), tomorrow’s Jobless Claims, and on Friday, the Leading Economic Indicators. If these reports come in good for the economy, you’ll see rates tick up, and vice-versa if the numbers disappoint.
Interest Rate Update: So…. Kind of a lousy week and a half we’ve had. Rates for a conforming 30yr fixed loan (*that’s for any loan at $726k or less) were in the upper-5s and now find themselves anywhere from 6.0-6.75%. Jumbo 30yr fixed rates (*over $726k) around the same. As usual, rates will vary based on the type of home, equity in the home, and your credit score.
Don’t Forget to Remember: For any purchase or refinance loan that closes with me, I will waive $450 in fees. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or out-of-place animals that can use this gift!
Falling Quote of the Day 2: “Love is like a hole, once you fall in, it’s hard to get out.” – Unknown
Timeout for Trivia: Congrats to those who guessed Bob Odenkirk last week.
Want to be entered into a drawing to win Abe Lincoln Socks? Simply email me the answer to this week’s Who Am I? question.
Good luck: “I’d be celebrating my birthday today if I wasn’t dead. But heaven is beautiful – lots of nature, a ton of rivers, and not one motor vehicle. Did you know I was the original voice of Shrek – I had recorded 90% of it right before I died; the voiceover went to another SNL alum. But hey, the movies I did make before I died were pretty funny. Remember my film back in ’95 where I went on a road trip with a costar whose last name makes you think of cards? Or how about my ’96 movie with the same costar that could be retitled Dark Farm Animal? Hey, BTW – do you know who is up here in heaven with me? A guy I danced with on SNL.”
