June 5, 2024 By Barry Schwartz

Procrastination Quote of the Day: “Procrastination taught me how to do 30 minutes of work in 8 hours and 8 hours of work in 30 minutes.” – Author Unknown

Possible Game Show Answer: The boiling point of water at the top of Mt. Everest is 162 degrees Fahrenheit, about 50 degrees below the boiling point at sea level. (*My biggest accomplishment in my lifetime – hands down – was climbing Mt. Everest for the first time. Many of you just think of me as a mortgage broker, but back in my 20s I was quite an athlete, always pushing myself as hard and fast as I could. This was back in 1996, and at that summit I could’ve cared less about the boiling point of water, I just recall waiting for the sherpa to make us hot soup when we got to the top. And as hungry and cold and exhausted as I was, I remember the happy tears I was crying freezing to my face! Oh shoot….. (thinking…….) damn…. Okay, uh, – oh geez… well, I forgot my friends and family receive this blog too. I have to come clean: that whole paragraph was made up. It never happened. However, this is kind of interesting – last year my wife and I watched a documentary about the youngest girl to climb Mt. Everest, and I fell asleep halfway through. Pretty crazy that I tried to lie just now about climbing Everest when I didn’t have the energy to stay awake for 90 minutes to watch a movie about Everest.)

This Week in Economic History: It was on June 7th, 1955 when CBS unveiled the quiz show The $64,000 Question, this was by far the most watched show in prime time as it took the American viewing audience by storm. The success of the show that made CBS million was short-lived; in 1958 the FCC discovered that contestants were provided answers to the questions beforehand (side note: I should’ve recruited CBS to help me with my ACT test back in the day…). In 1994 a movie called Quiz Show came out about this, I highly recommend it – good stuff.

Wuss’up This Week: Reports about our economy are released into the wild every day, and it’s these reports that can sway interest rates in either direction. This week it’s all about jobs, Mortgage Fans. Today we’ve got the ADP Employment Report, tomorrow Jobless Claims, and Friday’s biggie the May New Job Numbers (expected: 178k new jobs with the unemployment rate sticking at 3.9%). If these reports come in good for the economy you’ll see rates tick upwards, and vice versa if the numbers fall short of expectations.

Interest Rate Update: Today a conforming 30yr fixed rate for loans up to $250k are around 6.75%, and between $250k-$766k anywhere from the high-6s to 7.49%. For jumbo (*over $766k) we’re looking at mid-7s for fixed or ARMs. As usual rates will vary based on if you’re a first time homebuyer, type of home, equity in the home, your credit score, and if you like funny signs

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 people that find interesting things in the forest that can use this gift.

Procrastination Quote of the Day 2: “The cool thing about being a procrastinator is that really bad ideas also don’t ever make it off the ground.” – @terrip38

Timeout for Trivia: Congrats to those who last week guessed Riley Keough!

Want to be entered into a drawing to win a Giant Bread Pillow? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today and while I’m not old, I’m getting to the age of extinction. I started my career in the music industry in the early 90s, I was the front man in a band (no, not a boy band – that was only briefly. Hey, speaking of briefs, that was briefly too.). I got married in 2009, all I needed to impress my wife was for her to watch my 1997 movie where my character’s initials were DD. Yeah – you guys know what I’m talking about, ha-ha. Okay, you want something more current? How about one of this blog writer’s top 10 favorite comedies – I’m talking about my movie that came out in 2012, and if you just read the plot you’d think it was a kid’s movie. But un-uh, it was the second-highest grossing R-rated comedy of all time, and was also nominated for an Academy Award for Best Original Song thanks to a famous singer who had a bit part in the movie.”

The Adieu Mortgage Haiku:

Like Mount Everest

Rates climbed up to the summit

It’s time to descent

About The Author


Barry Schwartz

Originally from Wilmette, Illinois, Barry graduated from the University of Kansas in the late 80s and started working for Perl Mortgage in 1998. Barry's drive and motivation came from his first home buying experience. His dedication to clients has helped Barry win industry recognition and rankings in the Top 40 Under 40 and Scotsman Guide Top 200.

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