Hey Mortgage Fans!
Time Quote of the Day: “Don’t waste your time looking back, you’re not going that way.” – Ragnar Lothbrok
We are only five days away from the dumbest thing that’s ever happened to the mortgage industry (*And that’s saying a lot from someone who lived through the 2008 housing collapse). The good folks at The Federal Housing Finance Agency have implemented new rules where consumers with lower credit ratings and less money for a down payment will – in a good number of cases – qualify for better mortgage rates than someone with a higher credit rating & bigger down payment.
Wuss’up This Week: Every day reports about the economy are released into the wild, and its’ these reports that can sway interest rates in either direction. Today we’ve got Durable Goods Orders, tomorrow Jobless Claims, and on Friday there will be four reports about inflation. If these reports come in good for the economy you’ll see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: With this change taking place it’s getting hard to quote rates daily on this blog, debating if I should remove this section. However, for now…. A 30yr conforming fixed interest rate (*This is for any loan at $726k or less) can be found in the mid-to-upper 6s, with Jumbo rates (*over $726k) about the same. As usual rates will vary based on the type of home, equity in the home, your credit score, and if you like seeing watermelons explode.
Don’t Forget to Remember: Anyone using me for a purchase or refinance loan, 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 blessed images that can use this gift.
Possible Game Show Answer: The Margherita pizza was named after Margherita of Savoy, Queen consort of Italy from 1878 to 1900. (*My goal in life is to either have a pizza or a Junior high school named after me – I can sure use your vote when the time comes, thanks in advance!)
Time Quote of the Day 2: “If you have a parrot and you don’t teach it to say, “Help, they’ve turned me into a parrot,” you are wasting everybody’s time.” – @juliasegal
Timeout for Trivia: Congrats to those who guessed James Franco last week!
Want to be entered into a drawing to win a Retro Toys R Us T-shirt. Simply email me the answer to this week’s Who Am I? question.
Good luck: “It was this day in 2009 when our bass player was robbed outside of a recording studio in Atlanta. He lost $3,000 in cash and some musical instruments, but hey – what’s $3k to one of the most successful bands to come out of the 90s. Our first album stayed on the Billboard 200 chart for nearly five years (we feel like it should’ve been ten). If you’re only a casual fan of our band then you probably only know the name of our lead singer who has two d’s in his first name and two d’s in his last name. No d’s in the band’s name, although an anagram for it is ‘Maple Jar’, and one of the words in our name can be found in a jar!“
