Before we dive into the world of mortgages, I’d like to start the blog with a rant today… To the marketing team at Liberty Mutual: your commercials are not funny. At all. They are annoying. I’ve never hated birds in my life but now I can’t stand emus and it’s not even their fault! I know you think that if you beat us over the head with constant advertising we will eventually like you. It doesn’t work as a song on the radio where we eventually give up and give in (see: Who Let the Dogs Out) Also, you don’t need that fourth “Liberty” in your theme song – it’s too much. I think one or two liberties is all you need, we get it. I’m sure I speak for a lot of people so please…just….stop. Phew.. that felt good. Onto the blog now –
House Quote of the Day: “Cleaning your house while your kids are still growing up is like shoveling the walk before it stops snowing.” – Phyllis Diller
This Week in Economic History: It was on August 7th, 1928 the dollar shrank. Literally. The new notes issued by the Treasury Department were one-third the size of their predecessor. A year later the treasury shrank the dollar by another 25%. I know what you’re thinking, “This is where Barry makes some corny joke about is bank account shrinking.” Well, let me tell you – you are wrong! I took that joke out of the first draft of this blog. So instead, let me just leave you with some fun currency 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. This week it’s all about jobs where today we have the ADP Employment Report, tomorrow Jobless Claims, and on Friday the biggie – July’s Employment Numbers. If the numbers beat expectations you can expect rates to go up, and vice-versa if numbers go down.
I always laugh when I see a headline: ‘Interest Rates Hit Historic Lows!’ because I’ve seen that headline hundreds of times in my 20-year mortgage career. I remember seeing it in 2001 when the 30yr fixed was at 5%. But honestly, Mortgage Fans – they are really, really, really low right now. a 30yr fixed conforming rate (*that’s for any loan at $510k or less) can be found anywhere in the high-2s give or take, and Jumbo 30yr fixed (*over $510k) in the low-3s. Don’t forget I’ve also got great rates on Jumbo ARMs and conforming 15yr fixed – reach out for a quote at any time. As usual, rates will vary based on the type of home, equity in the home, your credit score, and if you like watching live puppy cams.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I am waiving $575 in closing costs (and more for essential workers)! Grab a cup of instant karma and pass my info along to any friends, family, coworkers, or people who like movie mistakes that can use this gift.
House Quote of the Day 2: “Leaving my house I put on a mask, sunglasses, a hat, and headphones. I think I’ve turned into Mr. Potato Head.” – @okiecorri
Timeout for Trivia: Congrats to those who last week guessed KISS. Want to be entered into a drawing to win You are Special Mister Rogers Socks? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 2015 I married for the second time in my life. My first marriage? What’s that saying, ‘if life is a bowl of cherries…’ – but let’s not talk about the past unless it’s about my hit TV show that ran for ten years. My character’s last name on that show had its own theme song if you’re thinking of a certain Muppet singing. My film career has not been as successful but I starred in a film that has gained cult status since its release (in 1999) that made red staplers famous and had a scene when I quit with flare.”
