Dead Quote of the Day: “I live on a one-way street that’s also a dead end. I’m not sure how I got there.” – Steven Wright
Today in Economic History: It was on this day in 1998 Nabisco Holdings Corporation took a $406-million restructuring charge and announced they were cutting 3,100 jobs. This was due to the expectation that profits for the upcoming year would come in a lot lower than earlier years. Nabisco opened their first office right here in Chicago in 1898 under their earlier name National Biscuit Company, and fourteen years later the Oreo was born. Maybe most famous for Oreos, Nabisco also makes Chips Ahoy (woohoo!), Teddy Grahams (yay!), and Sour Patch Kids (2 out of 3 ain’t bad). And guess what, they also make A1 steak sauce. In 1991 Nabisco sued a venue called Arnie’s Deli because the delicatessen was selling and using a homemade sauce called ‘A2 Sauce’. Nice try, Arnie! Here are six more fun lawsuits involving food.
Wuss’up This Week: Every single day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Not much happening today but tomorrow we have the Jobless Claims Report (expected: 195k), and a bunch on Friday starting with Consumer price index, Core CPI (monthly), Core CPI (yearly) – these are both inflation reports – and the U of Michigan Consumer Sentiment Report. If these numbers come in good for the economy you’ll see rates continue to tick up, and vice-versa if the numbers disappoint.
Interest Rate Update: Today we find a conforming 30yr fixed rate (*that’s for any loan at $647k or less) hanging around the mid-to-upper-5s, and jumbo 30yr fixed rates (*over $647k) in the upper-4s/low-5s. Conforming and Jumbo ARMs used to be lower than the fixed but as inflation goes so do the ARMS, and right now the adjustable rates are just a tick below the fixed. As usual, rates will vary based on type of home, equity in the home, your credit score, and if you like powerful moment pictures.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me will receive reduced lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people in uncommon situations that can use this gift.
Dead Quote of the Day 2: “If 50 is the new 30, then Dead is the new 80.” – @BorowitzReport
Timeout for Trivia: Congrats to those who last week guessed Bill Hader. Want to be entered into a drawing to win a Teddy Roosevelt scented candle? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today and an anagram for my name is ‘Nasty Week’. Yeah, I’ve had some good years along with some nasty weeks in those years – like the one thirteen years ago when I interrupted a speech, but there are worse things in the world to interrupt so shake it off, dude! And yeah, nasty weeks in the present – did you know my ex is dating a person who calls themselves the king of a New York borough as well as an SNL cast member? And I’m sure nasty days in my future because sooner or later someone will joke that they’ve been to the south side of Chicago (as a father you guys know what I’m talking about).”
