Restaurant Quote of the Day: “I was at this restaurant. The sign said ‘Breakfast Anytime’, so I ordered French Toast in the Renaissance.”
– Steven Wright
Today in Economic History: It was on this date in 1970 the Aswan High Dam across the Nile River in Egypt was completed. More than two miles long at its crest, the dam cost $1 billion to build and took over 11 years to complete. This dam ended the cycle of flood and drought in the Nile River region and exploited a tremendous source of renewable energy. I bet you never thought you’d see interesting dam facts in a mortgage blog but…
Wuss’up This Week: Usually reports about our economy are released daily that can sway interest rates in either direction. This week though is pretty mellow. Nothing happening today, tomorrow Jobless Claims along with Existing Home Sales (expected: 5.93 million) are the only two reports that can shake things up. If these reports come in better than expected you’ll see rates tick up, and vice-versa if the numbers disappoint.
Interest rates during the summer have a habit of not moving much, and this year – being the roller-coaster it’s been – maybe interest rates have decided it’s time to stop moving so much. This week they have been slightly in our favor because traditionally when the stock market isn’t doing great the rates get better (as investors pull their money out of the market and place it in safe havens like 10-year bonds. The better the bonds do, the lower rates go.) With the Delta variant gaining momentum we might see this trend of rates moving lower…. Today you’ll find a 30yr fixed conforming loan (*that’s for any loan at $548k or less) in the high-2s/low-3s, 15yr fixed conforming loans in the low-2s, and jumbo 30yr fixed (*over $548k) around 3.0%. The ARMs are great on both sides of conforming and jumbo – you’ll find them in the 2s. As usual rates will vary based on if it’s a purchase or refinance, type of home, if it’s a bizarre home, equity in the home, and your credit score.
Don’t Forget to Remember: Any purchase or refinance loans that close with me, I will waive $575 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like crazy marketing that can use this gift.
Restaurant Quote of the Day 2: “Whenever I leave a restaurant, I always stop by a random table and say, “Thank you for taking care of our check.”” – @SteveMartinToGo
Timeout for Trivia: Congrats to those who last week guessed Jane Lynch. Want to be entered into a drawing to win a prize? In honor of the Olympics today’s prize will be a Tokyo Phil Collins T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck! “It was on this date in 2011 that my movie was released about taking friendship to the next level without actually going to the next level. Before that movie though you probably remember me from a sitcom that ran from 1998-2006 even though when watching it you wouldn’t think it ran from 1998-2006. Getting back to movies though I can do serious like my 2010 movie playing Portman’s rival, or I can do comedy like 2012 movie where my rival wasn’t even human. Even though I am a success in my industry I’d be happy to leave it and stay home full-time with my kids. That’s right, despite my movies I am a good mother.”
