I’ve been writing this mortgage blog for 15 years. I pour my heart and soul into keeping you informed of interest rates, market updates, and anything that can have an impact on your financial life. I take great pride in this blog and the knowledge that I bestow upon you, my readers – and yet every time I publish this blog I never get questions about where I think rates will go, or housing trends. Every week it’s the same tired & predictable replies from you guys: When are you going to give us some snail quotes? How about a snail joke. When are you going to talk about snails? Honestly, it’s a little insulting, and I’ll never fully understand your obsession with snails! I am sick of your snail requests!! But… I am a man of the people and will give you – the readers – what you want. First, here’s the best snail joke ever created: A man hears a knock on his door, opens it up and sees a snail on the porch. He picks up the snail and WHIPS IT as far as he can. Two years later the man hears a knock on his door, opens it up, and sees the same snail who says, “What the hell did you do that for?!” You know what else is moving at a snail’s pace? The Fed lowering interest rates. They raised them 11 times between March 2022 and July 2023 in efforts to combat inflation. The Fed has announced they will ‘probably’ make three quarter-point cuts by the end of this year, but first want to see more positive data about inflation receding before making the move. They’ve got six more opportunities to cut rates this year, starting with its next meeting at the end of April. I’m still sticking with my prediction of the first cut coming this summer. We shall see, Mortgage Fans…
Snail Quote of the Day: “However tired you are, whatever the distance is, move to your target! Even if you move as slow as a snail, you will get there! Move! Either fast or slow, just move!” – Mehmet Murat Ildan
Today in Economic History: It was on this date in 1947 when Brooklyn Dodgers GM Branch Rickey purchased the contract of Jackie Robinson, who went on to become the first African American to play in the Major Leagues.
Possible Game Show Answer: Turkeys (the birds) were named after Turkey (the country). And with that here are some fun turkey facts
Wuss’up This Week: Today we’ve got four reports about inflation along with the minutes being released from the Fed’s FOMC meeting. On Thursday we have three more inflation reports along with a handful of of Fed Presidents speaking, and on Friday the Consumer Sentiment Report. As usual if these numbers come out good for the economy you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: We’ve seen a slow increase in rates over the past few weeks, don’t let that throw you, Mortgage Fans, they will come down. Today a conforming 30yr fixed is around 6.50% for loans at $250k or less, and high-6s/low-7s at $251k-$766k. Jumbo 30yr fixed at 7.99%, but don’t sleep in the ARMS – a 7yr is coming in today at around 7.50%. As usual rates will vary based on type of home, equity in the home, if you’re a first-time home buyer, your credit score, and if you liked pre-internet rumors
Don’t Forget to Remember: Any purchase or refinance loans that close 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 cool photographers that can use this gift.
Snail Quote of the Day 2: “’Appearances can be deceiving’ said my fortune cookie message; then I realized I’ve cracked open a snail.” – @emirkr
Timeout for Trivia: Congrats to those who last week guessed Kristen Stewart!
Want to be entered into a drawing to win a Hot Dog Pen? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2014 my band was inducted into the Rock ‘n Roll Hall of Fame – this brought me much peace and happiness. The lead singer of that band had a sweater that sold for $137,500. Let’s focus on me though because I’ve got another band that was inducted into the Hall of Fame in 2021 (thank you, Sir Paul), and that band’s name sounds almost like a two-word sentence John Belushi shouted out in Animal House. Final hint: An anagram for my name is Hard Glove.”
The Adieu Mortgage Haiku:
Snails are just like rates
They will move at their own pace
Patience, Mortgage Fans…
