Chance Quote of the Day: “Do you want to be safe and good, or do you want to take a chance and be great?” – Jimmy Johnson
Today in Economic History: It was on this date in 1908 when Congress passed a law requiring certain coins to bare the phrase “In God We Trust.” Though the motto was required for coins in 1908, its origins dated back to the Civil War. And with that little nugget of info, Mortgage Fans, I give you ten more interesting coin facts.
Wuss’up This Week: Pretty quiet week for economic reports that can sway interest rates up or down. Today we’ve got the Fed Minutes (*this is a detailed record of the committee’s policy-setting meeting held about two weeks ago. Traders carefully examine them for clues regarding the outcome of future interest rate decisions. Spoiler alert: they will not raise rates this year.), tomorrow Jobless Claims, and on Friday Existing Home Sales (expected: 6.1 million). If these numbers come out better than expected you’ll see interest rates tick up, and vice-versa if the numbers disappoint.
Interest Rate Update: Today you’ll find conforming (*loans that are $548k or less) 30yr fixed rates in the high-2s/low 3s, and jumbo 30yr fixed (*over $548k) in the low-3s. Conforming 15yr fixed rates are in the low-2s, and both conforming and jumbo ARMs are in the low-to-mid 2s. ARMs are a fantastic product now as you can get a long-term ARM (7yr, 10yr or 15yr) really cheap – this is great for purchases or refinances to save money. As usual rates will vary based on if it’s a purchase or refinance, type of home, equity in the home, your credit score, or if you like everyday objects brought to life.
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 Josh noodle fighters that can use this gift.
Chance Quote of the Day 2: “On the chance I’m captured by cannibals, I’ve got a ‘Best if eaten by 1975’ tattoo on my neck.” – @cynicanoldicus
Timeout for Trivia: Congrats to those of you who last week guessed Kenan Thompson. Want to be entered into a drawing to win a Mr. Rogers Color Changing Sweater Coffee Mug? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was this week in 1987 that a fire destroyed my home in LA – completely broke my heart. I guess there are worse things in life, like the fact that I’m talking to you from up here in the sky. No, I didn’t learn to fly – I’m dead, man! You don’t know how it feels to cross over to the other side, right? Let me tell ya – it was quite a journey. As a musician I didn’t mind traveling (and no, that’s not a reference to my second band), and I didn’t mind having a last name that also means trivial or minor.”
