Street Quote of the Day: “Knowledge is realizing that the street is one way; wisdom is looking in both directions anyway.” – Albert Einstein
This Week in Economic History: It was this week in 1985 when Coca-Cola unveiled plans to put ‘Coca-Cola Classic’ on the market. Earlier in the year the Coca-Cola Company decided to change recipes for their flagship beverage after a series of positive tests were conducted for the new recipe. Well… the new recipe (called New Coke) flopped and after harsh reviews and declining sales, Coke decided rather than admit defeat over their new soda they would remarket the original recipe by renaming it Coca-Cola Classic, and the New Coke would be renamed Crappy Coke. Just kidding, they decided to sell it simply as ‘Coke.’ Here’s some more fun Coke facts to start the day.
Wuss’up This Week: Lots of reports being released that can sway interest rates in either direction. Today we’ve got Core Inflation reports, as well as the Fed’s Beige Book Report. Tomorrow Jobless Claims, and on Friday Retail Sales and the U of Michigan Consumer Sentiment Report. If these reports come in good for the economy you’ll see rates tick up, and vice-versa if the numbers come up short.
Interest Rate Update: Today we find 30yr fixed conforming rates (*that’s for any loan at $647k or less) in the low-6s, with Jumbo (*over $647k) 30yr fixed anywhere from the mid-5s to the low-6s. Jumbo ARMs are a shade less. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like ‘then and now’ photos .
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will give a BIG discount on the lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people with high IQs that can use this gift.
Timeout for Trivia: Congrats to those who guessed Tom Hanks last week. Want to be entered into a drawing to win Fight Club Soap? Simply email me the answer this week’s Who Am I? question. Good luck: “It’s my birthday today, and an anagram for my name is ‘Raid for horns’. Well, it wasn’t horns (or a football team) I was looking for in that movie many years ago, and no – I am from Illinois, not that other midwestern state in the title. Did you know I can fly planes? If you said I was flying solo you’d be combining my real life with my movie life. And speaking of flying I would make one heck of a President. Finally, I starred in a movie that came out in 2049… oh wait, I mean 2017 – but it felt like that many years (35 to be exact) between the original and the sequel.”
