Beach Quote of the Day: “At the beach – time you enjoyed wasting, is not wasted.” – T. S. Eliot
This Week in Economic History: It was on this day in 1871 when the New York Times exposed William ‘Boss’ Tweed’s corrupt hold on New York City. As the Head of Department of Public Works, Tweed was able to steal almost $200 million dollars through kickbacks, fake receipts, and false contracts. Tweed almost managed to bankrupt New York City through his corruption. I know what you’re thinking, how can there be corruption in government? This shocked me too, but I guess it happens. William ‘Boss’ Tweed was sentenced to 12 years in prison for his crimes, further proving there is room for only one Boss on this planet.
Wuss’up This Week: Every single day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Today the Fed Minutes (known as FOMC) will be released, tomorrow Jobless Claims (expected: 233k), and Friday’s Biggie the Nonfarm Payrolls for June (expected: 250k) and the Unemployment Rate (expected 3.6%). Should these numbers come in better than expected you’ll see rates continue to trend the wrong direction, and vice-versa if the numbers disappoint.
Interest Rate Update: Been at this job for over 20 years, and I’ve seen more disasters than one could ever expect. Rates in the mid-8s, the housing collapse of 2008, and 12 Fast & Furious movies – each one worse than the next. The first six months of 2022 are definitely up there, as we’ve seen 30yr fixed rates go from the 2s in December up to the low-6s! But there’s an old physics saying, Mortgage Fans – What goes up must come down (*I’m waiting for my cholesterol and weight to pay attention to this saying) and soon we will have a recession? Who knows, but a recession will drive rates down. As for now we find a conforming 30yr fixed (*that’s for any loan at $647k or less) in the high-5s/low-6s and Jumbo 30yr fixed around the same. As usual rates will vary based on type of home, equity in the home, your credit score, and if you find things that are mildly amusing .
Don’t Forget to Remember: Any purchase or refinancer loan that closes with me gets a huge discount on lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like weird photos that can use this gift. 006
Beach Quote of the Day 2: “Before we find Waldo in this picture, can we talk about how over-populated this beach is?” – @rejectedjokes
Timeout for Trivia: Congrats to those who last week guessed Kristen Bell. Want to be entered into a drawing to win Saved By the Bell trading cards. Simply email me the answer to this week’s Who Am I? question. Good luck: “My movie came out on this date in 1994 and won a handful of Academy Awards. You know who else was in this movie – a kid that sees ghosts! No supernatural stuff in this movie though, and it was much more than a war movie – although I did have a war movie four years later with a guy who played a genius in another movie. (in fact – if you combine the title of the genius movie with the title of my ’94 movie it almost makes sense as a sentence). I don’t have the best luck in movies involving air travel – one crash, and two emergency landings. This is why I like to stick to ground travel, like being a train conductor.”
Welcome to a better mortgage experience! In just few minutes you can find out what you qualify for and explore multiple loan options and interest rates.
Complete our short and intuitive pre-approval interview to get started.
