Hey, Mortgage Fans!
Feeling Quote of the Day: “The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.” – Helen Keller
Today in Economic History: It was on this date in 1923 when Carnegie Steel established an eight-hour workday for all if its steel workers, down from twelve (or longer). The late founder of this company was not always friendly to labor though, many deadly strikes and riots against his company took place in the decade’s prior.
Wuss’up This Week: First, gotta say I’m excited for 2024, Mortgage Fans. Some institutions (Goldman in particular) are predicting the first Fed rate cut by the end of June, followed by gradual quarterly cuts.; This will help me greatly in cutting my Visa bill. Okay, onto this week: Today we’ve got the FOMC Minutes from their July meeting, Housing Starts, and Building Permits, tomorrow Jobless Claims, and US Leading Economic Indicators. If these reports come in good for the economy we’ll see interest rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: If the following sounds like a copied & pasted last week’s rate update it’s because I did. Rates have hit their mid-summer nap as today we find a conforming 30yr fixed loan (*that’s for any loan at $726k or less) in the low-to-mid 6s for any loan at $250k or less, upper-6s/lower-7s over $250k, and for jumbo loans (*over $726k) in the low-to-mid 7s for a fixed rate and jumbo ARMs are about a quarter less. As usual rates will vary based your credit score, on type of home, equity in the home, and if you have a really interesting home
Don’t Forget to Remember: 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 people that like cool pics
Possible Game Show Answer: Before he became president, Abraham Lincoln was wrestling champion of his county in Illinois with a record of 300 wins and only one loss.
Feeling Quote of the Day 2: “Toilets that automatically flush before I’m done make me feel like every relationship I’ve ever been in.” – @conanobrienswyf
Timeout for Trivia: Congrats to those who last week guessed Anna Kendrick.
Want to be entered into a drawing to win a French Horn T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2017 I became the highest-paid actress, according to Forbes. Ten years before that, you saw me in a movie that could be retitled Terrific Awful, a movie with one of the great fake IDs of all time (think a fast food chain combined with Sybaris hotels). And let’s do one more renaming for my 2011 movie with Ryan Gosling, which could be called Insane Dumb Intimacy. I had a couple more movies with Mr. Gosling, but no – not Barbie, which is a shame because my natural hair color is blonde (although I did dye it red for one of my superhero films, and then back to blonde for the sequel. And no, I wasn’t a superhero, just the love interest. And no, it wasn’t Aquaman which would’ve been great because an anagram for my name is ‘Sea Moment’.) Last hint: I’m not Lindsay Lohan.”
