Hey Mortgage Fans!
How many times has someone really made you angry or gotten under your skin, and then you think of the perfect comeback to say, only it comes six hours later when you’re lying in bed rehashing the conversation. I’ve had a million great comebacks I never got the chance to use, but one time I got it right – just nailed it at the perfect time. I had a biology teacher in high school that hated me. His name was Mr. Harper, and I made the mistake of calling him ‘Baby Harp Seal’ in class one day which infuriated him. Why? I don’t know – baby harp seals are adorable, but not to Mr. Harper. A few days after that incident I raised my hand to answer a question and said, “I think the answer,” he cut me off and said, “Don’t flatter yourself by saying you actually had a thought.” Fast-forward a month later: we were dissecting pigs. Everyone in the class got their own mini-pig, and this ‘dissecting’ chapter of my high school career was supposed to last 3 weeks. We kept the pigs in individual baggies and the baggies were kept in a big garbage can in the corner of the classroom. Well, after the first day the janitor mistakenly threw the garbage out which ended our dissection two weeks, six days early. Baby Harp Seal told the class what happened the next day. He said, “I never would’ve thought,” and that’s when I cut him off and said, “Don’t flatter yourself by saying you had a thought.” Boom! GREATEST COMEBACK EVER! The crowd goes wild! It was worth getting sent to the Principal’s office and it was also worth the D in that class. (*he would’ve failed me but didn’t want to see my face for another whole semester.). Anyway…. I think I have thoughts about mortgage rates, more of that down below…
Thinking Quote of the Day: “Did you ever stop to think, and then forget to start again?” – Winnie the Pooh
Today in Economic History: It was on this date in 1987 when the up-and-coming Fox television network debuted its first prime time sitcoms, including “Married With Children.”
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Being the first week of the month it’s all about jobs, starting with the ADP Employment report today (forecast: 210k new jobs), tomorrow Initial Jobless Claims, and then the biggie on Friday – New Jobs for March (forecast: 235k new jobs). As usual if these numbers come in good for the economy you can expect to see rates tick up, and vice versa if the numbers disappoint.
Interest Rate Update: Call me crazy but I think we are at the point where a combination of more banks failing and inflation slowing will get us a break on rates. Barry, where are you getting info about inflation slowing down?? Just a gut feeling, Mortgage Fans (*or maybe my gut telling me it’s time for lunch), but gut feelings are usually correct. Barry, how do you know more banks will fail? Well, the first two this year failed because of stupidity and greed. Those are two things that the banking industry has never run out of in the 25 years I’ve been in this business. Barry, are you the best mortgage broker in the world? That’s what my mother tells me, yes. In the meantime, 30yr conforming fixed rates (*loans of $726k or less) can be found in the low-to-mid 6s, and jumbo 30yr fixed (*over $726k) in the upper-6s. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like old celebrity photos
My Cinco de Abril Special: Anyone using me for a purchase or refinance loan gets a $450 credit towards closing costs! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that rate dogs that can use this gift.
Possible Game Show Answer: The national animal of Scotland is the unicorn. (*this just in: Scotland’s President is the Tooth Fairy)
Thinking Quote of the Day 2: I wonder if God ever looks down at the waste I’ve made of my life and thinks to himself, ‘He should have been an opossum.’” – @MrBigFists
Timeout for Trivia: Congrats to those who guessed George Michael last week.
Want to be entered into a drawing to win a Slinky T-Shirt? Simply email me the answer to this week’s Who Am I? question.
Good luck: “It was on this date way back in 1980 our band formed. Thirty-seven years later we were inducted into the Rock and Roll Hall of Fame. We were called one of the first ‘alternative’ bands to exist, and despite our group’s name we never put anyone to sleep. Last month our biggest hit crossed 1-billion streams on Spotify, and it’s probably the most played song with a mandolin in it! You know what else was a big hit? Our song that could be retitled ‘The Apocalypse’, but don’t worry – the earth is not ending and Lenny isn’t scared.”
