November 13, 2023 By Barry Schwartz

Hey, Mortgage Fans!

In the last year, we’ve seen the explosion of Artificial Intelligence (AI), and while most of the people I know are against it, I have been a staunch supporter from the very beginning. However, my opinion changed a couple weeks ago when I saw the danger that can happen if it falls into the wrong hands. I’m talking of course about the release of the new – and horrible – Beatles song Now and Then. Sometimes technology needs to know when to leave well enough alone, but I’m thankful the record executives say this is the last unreleased Beatles song that will be tinkered with, and for that I am grateful. Hey, it’s the grateful time of year, Mortgage Fans – and I am thankful for all of you and your support!

Thankful Quote of the Day: “What if today, we were grateful for everything?” – Charlie Brown

Possible Game Show Answer: The odds of giving birth to a baby at 12:01am on January 1st are around 1 in 526,000 – roughly the same odds of getting struck by lightning. (*about the same odds I had of getting a date for prom senior year of high school)

Wuss’up This Week: Lots of stuff going on with four inflation reports today, along with Retail Sales and two Fed Presidents speaking, tomorrow we’ve got Jobless Claims and five more Fed peeps speaking, and on Friday six more Fed speakers along with Housing Starts (predicted: 1.35 million). If these reports are good and the speakers like where things are headed, we’ll see rates go down, and vice-versa if it’s doom and gloom.

Interest Rate Update: In such a challenging year for rates… Wait, ‘challenging’ is not the best word to use. Hmmm… let’s replace that with the more professional and descriptive word: ‘crappy’! It’s been a crappy year for interest rates, but it was nice to see them dip last week for a change. Today we find conforming 30yr fixed rates in the low-7s if the loan is $250k or less, and in the upper-7s/low-8s if the loan ranges from $251k-$726k. for jumbo 30yr fixed (*over $726k) we find rates in the low-8s, but I’m recommending a good old fashioned 7yr ARM which is in the mid-to-upper 7s. Any loan you take now will – knock on wood – be a short-term loan that you/we can refinance in the near future. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know someone having a worse day than you

Any purchase or refinance loan that closes 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 people who have experienced strange phenomena that can use this gift.

Don’t Forget to Remember: Any purchase or refinance loan that closes 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 people that like winter wonderland photography that can use this gift.

Thankful Quote of the Day 2: “Even though we can’t have all we want, we ought to be thankful we don’t get what we deserve.” – Author Unknown

Timeout for Trivia: Before we get into today’s question, I had email issues last week, if you replied with an answer and I didn’t reply back, let me know this time around so I can give you an extra entry into the prize drawing. Also, Congrats to those who correctly guessed Gordon Ramsay last week!

Want to be entered into a drawing to win an Egg Rolls T-shirt ? Simply email me the answer to this week’s Who Am I? question. Good luck:“My movie was released on this date in 2002, the seven-word title had two R’s in the first word and two T’s in the second word. My costar in that movie earned $1-million for the first one and around $15 million for the 7th one – about the amount I received too. An anagram for my name is ‘Woman mates’ but I don’t have a mate now, so many to choose from – that’s the perks of being… famous. I stand 5’5 so in my opinion I don’t literally fit into the title of my 2019 Greta Gerwig movie. Last hint: My 2019 crime movie based on a true story had a two-word rhyming title, and my mother in that movie is a man in real life – hahaha”

A Blog Holiday: Hey, Mortgage Fans – just want to let you know that I’m taking a break from blog writing next week so I can prepare for Thanksgiving. How does one prepare (besides fasting)? It’ll be at my cousin’s house this year – close to forty people, and I’m not saying I’m a bad cook but this year they put me in charge of bringing soft drinks. I want to wish everyone a wonderful holiday weekend, and just remember – all families are dysfunctional, not just yours.

About The Author


Barry Schwartz

Originally from Wilmette, Illinois, Barry graduated from the University of Kansas in the late 80s and started working for Perl Mortgage in 1998. Barry's drive and motivation came from his first home buying experience. His dedication to clients has helped Barry win industry recognition and rankings in the Top 40 Under 40 and Scotsman Guide Top 200.

Learn More
This entry was posted in Barry Schwartz. Bookmark the permalink.

Comments are closed.