Music Quote of the Day: “One good thing about music, when it hits you, you feel no pain.” – Bob Marley (*I’m not entirely sure I agree with this quote. My college girlfriend whipped her Springsteen (Born in the USA) album at me which gave me a black eye.)
Today in Economic History: It was on this day in 1998 that Nabisco Holdings Corporation took a $406-million restructuring charge and announced it was cutting over 3,000 jobs. All of this stemmed from the expectation that profits in the upcoming year would come in well below forecasted earnings. (*side note: I lobbied hard to have my son’s name be ‘Nabisco’ but my wife never entertained it. A shame, I know. Anyway, here are some fun facts about Oreos you may not have known.
Wuss’up This Week: Pre-virus I used to put the upcoming economic events in my blog because they would all have a big impact on rates. Since the virus started the daily reports have taken a backseat and had very little impact on rates… up until last week’s Jobs Report that was expecting a 20% unemployment rate but came in much less than that. The stock market rebounded huge (*with the exception of my stocks. Don’t ever, ever, ever ask me for a stock tip unless your goal is to die penniless) and interest rates bumped up almost a quarter. So… just for kicks maybe these reports will start to impact rates again. Today we’ve for the Consumer Price Index (expected: -0.8% followed by the biggest news of the week the Fed Announcement. Tomorrow we’ll see Jobless Claims and on Friday the Consumer Sentiment Report.
Interest rates for a 30-year fixed conforming loan (that’s any loan under $510k) can be found today around the low-to-mid 3s with jumbo rates (over $510k) in the high-3s. Don’t forget I’ve got great jumbo rates on long-term ARMs (7-year and 10-year) so don’t be shy to ask me for a quote. As usual rates will vary based on type of home, equity in the home, your credit score, and if you wonder if your dog likes watching TV
Don’t Forget to Remember: Any purchase or refinance loans that close with me I will waive $595 of the closing costs (and more for people on the front lines). Grab yourself a cup of instant karma and pass this info along to any friends, family, coworkers or people interested in Thomas Edison’s first patent that can use this gift.
Music Quote of the Day 2: “Zoom needs a button that plays wrap-up music like at the Oscars.” – @ben_rosen
Timeout for Trivia: Congrats to those who last week guessed Anderson Cooper. Want to be entered into a drawing to win a Bigfoot Doesn’t Believe in You Either T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck. “It’s my birthday tomorrow and an anagram for my name is ‘A Bi Halo Fuse’. Am I bi? I got arrested for slapping Alan Cumming’s behind. Is there a halo over my head? Mmm…. I don’t think my arrest for disorderly conduct, public urination, assault with a deadly weapon, and spitting on a cop qualify for that. Do I have a fuse? A short one, especially in my 2007 movie about being on house-arrest for beating up my teacher. I also starred in three movies whose title makes you think of the words change, alter, or modify. Finally, you might remember me from an Oliver Stone directed movie sequel (released in 2010) where I played the son-in-law to a guy whose last name in the movie sounds like an insurance company’s mascot.”
