Horse Quote of the Day: “No philosophers so thoroughly comprehend us as dogs and horses.” – Herman Melville.
Today in History: It was on this date in 1912 when Juliet Low founded the Girl Scouts in Savannah, Georgia. (*And I’m here to tell you, Mortgage Fans, that while Thin Mints get all the glory, the Trefoils are the most underrated).
Possible Game Show Answer: According to a poll of 11,000 Americans, 84 percent of vegetarians and vegans return to eating meat.
Wuss’up This Week: Before I get into this week, we need to talk about last week. The Employment Report for February came in worse than expected which 98 out of 100 times will help interest rates. Well… Friday was one of the two times as the bond market reacted poorly to it. Why did this happen? No clue, Mortgage Fans. It’s been a weird year, and I think at this point in my life learning quantum physics would be less complicated than figuring out why rates do what they do. Moving forward, this is also a big week for reports that can shape interest rates, starting with four inflation reports today being released along with the Monthly U.S. federal budget (expected: -275B), tomorrow three more inflation reports, and on Friday the Consumer Sentiment Report. If these come in good for the economy you’ll see rates go up, and vice versa if the numbers disappoint (*98% of the time).
Interest Rate Update: Today we find the conforming 30yr fixed rate for loans at $250k or less around 6.25%, between $250k-$806k at 6.625%, and for jumbo loans (*over $806k) they can be found anywhere from the high-6s for a 30yr fixed to the low-6s for an ARM. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like fascinating pictures.
Don’t Forget to Remember: Any purchase loan that closes with me I will waive $450 in lender fees (and a lot more on refinances!). Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like wedding photos that can use this gift.
Horse Quote of the Day 2: “Do you ever get halfway through eating a horse and go 'you know, I'm not as hungry as I thought i was'”? – Tim Vine
Timeout for Trivia: Congrats to those who guessed Eva Mendes last week! Want to be entered into a drawing to win an Old School Alphabet T-shirt? Simply email me the answer to this weeks’ Who Am I? question. Good luck:“It was on this date in 2007 when I made my US television debut on Late Night with David Letterman. I performed my song which won three Grammy Awards, and ironically, I couldn’t be there to accept those awards because I was in the one place my song was about. My last name is a compound word – the first half, well, again was part of my problem back then. The second half is a big part of Barry’s industry (no, not loans). My most successful album (released in 2006) could be retitled ‘Opposite of Stomach to a Dark Color’. In 2008 I received five Grammy Awards which included the Grammy for Best New Artist – this earned me a spot in the Guiness Book of Records for Most Grammy Awards won by a British Female. Hate to beat a dead horse but why does that book have to be called Guiness?”
The Adieu Mortgage Haiku:
Rates are like Thin Mints
When they are great, they don’t last
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