Sock Quote of the Day: “I washed a sock. Then I put it in the dryer. When I took it out, it was gone.” – Steven Wright
This Week in Economic History: It was on October 10th, 1995 that University of Chicago professor was awarded the Nobel Prize in Economic Science for his ‘rational expectations’ hypothesis regarding the link between human tendencies and macroeconomics. (*Just an FYI – I’m going to wait for the movie instead of reading this).
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. The most important report this week will be the CPI (Consumer Price Index) which gives us a reading on consumer inflation. The previous report showed core inflation at 2.4% which was the highest reading in 11 years. Inflation is bad for rates, Mortgage Fans, so we will keep an eye on this one. Also, guess who likes to talk a lot? Fed Chairman Jerome Powell who will be speaking three times this week. (*interesting side note: an anagram for Jerome Powell is Empower Jello!)
Interest rates remain anywhere from the mid-3s to lower-4s for a 30-year fixed, with adjustable rate mortgages just a tiny sliver lower. As usual rates will vary based on credit score, type of home, equity in the home, and if the home is legally haunted.
Don’t Forget to Remember: Any purchase or refinance loans that close with me between now and Thanksgiving will get a $500 credit towards closing costs. Grab yourself a cup of instant karma and pass my info to any friends, family, coworkers, or people that are fascinated by impossible places that actually exist.
Sock Quote of the Day 2: “The divorce rate among my socks is astonishing.” – @Mark_aglra
Timeout for Trivia: Congrats to those of you last week who guessed Maroon 5. Want to be entered into a drawing to win a Lucky Charms T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “If I was still alive we’d be celebrating my birthday, but still my music is celebrated. I had a very successful band (‘the best ever’, our old drummer might say) as well as solo career. Drugs. That’s not what killed me but it did help me write. On one song I wrote this line while wasted: I am he as you are he as you are me/ And we are all together. Ironically we had another song a piano guy covered where people thought it was about drugs but it wasn’t.”
