Imagination Quote of the Day: “The true sign of intelligence is not knowledge but imagination.” – Albert Einstein. (*I have my twelve-year-old next-door neighbor convinced he’s the one that started Einstein Bagels.)
Today in Economic History: It was on this day in 1888 when George Eastman, a junior bank clerk from upstate New York, finally developed a camera that could be used by the general public. He received his patent on this day along with the now famous (or once-famous?) trademark “Kodak.” What do dead siblings and photographs have in common? Find out with today’s fun photography facts.
Wuss’up This Week: It’s almost fall which means football – wooohoo! But the Fed has hinted that in the fall they will stop their tapering. What’s the opposite of ‘woohoo’? I say that because it means they will stop buying up bonds which will force interest rates up. If the Fed doesn’t stop buying bonds it will lead to inflation which also causes rates to go up. This reminds me of when I was in college and I had the choice of cramming for my Spanish final so I wouldn’t fail, or blowing that off and studying for my History final so I wouldn’t fail. (*As a responsible 19-year old man I did the right thing: instead of studying I took a road trip to visit my girlfriend) It’s a no-win situation for the Fed, we’ll see what happens in the near future to rates. In the meantime this week we have some reports that can sway interest rates in either direction starting with today’s Durable Goods Orders report, tomorrow’s Jobless Claims, and the U of Michigan Consumer Sentiment Report on Friday.
Interest Rate Update: Today we find conforming 30yr fixed rates (*that’s for any loan at $548k or less) in the high-2s/low-3s with Jumbo 30yr fixed rates (*over $548k) about the same. Don’t forget about 15yr conforming rates (low 2s) and jumbo ARMs (low-to-mid 2s). As usual, rates will vary based on if it’s a purchase or refinance, type of home, equity in the home, your credit score, and if you like looking at history from different angles.
Don’t Forget to Remember: Any purchase or refinance loan that closes 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 looking at old photos that can use this gift!
Imagination Quote of the Day 2: “Imagine how much self-control the people who make bubble wrap must-have.” – @SpencerAlthouse
Timeout for Trivia” Congrats to all of you who guessed Bruce Springsteen last week. Want to be entered into a drawing to win a Custom Pet Renaissance Portrait? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 1986 I married a cinematographer – yeeehaaa! Or some other word for excitement. Okay, Q & A time: My favorite color, you ask? I don’t know, maybe ask one of the most famous movie directors. My favorite sibling? My brother in real life died so I’d have to say, my movie sisters. Can I talk to Sam in real life? I wish! What’s my view on television versus movies? Wait, is that a trick question?”
