Coffee, Pipelines, and Rates
Answer Quote of the Day: “Judge a man by his questions rather than his answers.” – Voltaire (*side note: Voltaire is on my top 5 list of famous people – and the only non-musician – whose last name isn’t needed for recognition (along with Cher, Madonna, Sting, and Bono)
This Week in Economic History: It was on May 31st, 1977 that the Alaskan Pipeline was completed. Built between 1974-1977 it is 800 miles of pipes that zig-zags across Alaska. Here’s some really interesting facts about it (*side note: Not really that interesting but what did I expect when I Googled looking for fun stuff about a pipeline!)
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. This week it’s all about jobs (employment, not Steve). Today we’ve got the ADP Employment Report (206k expected), tomorrow Weekly Jobless Claims, and tomorrow’s biggie the Employment Numbers for May (expected: unemployment down to 3.9%, new jobs + 170k). Anything less than expected might cause rates to drift down, and vice-versa if the numbers show a stronger than expected economy.
Interest rates remain in the mid-to-upper 4s for a 30yr fixed, with adjustable rate mortgages about a quarter less. As usual rates will vary based on type of home, equity in the home, your credit score, and just how much you know about coffee.
Don’t Forget to Remember: Any purchase or refinance loan between now and July 31st I will waive $500 of closing costs. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or celebrities that served our country who can use this gift.
Answer Quote of the Day 2: “I just answered two Jeopardy questions in a row. This must be what Einstein must have felt like.” – @realHamOnWry
Timeout for Trivia: Congrats to those who last week guessed Drew Carey. Want to be entered into a drawing to win Mister Rogers Encouragemints? Simply email me your answer to this week’s Who Am I? question. Good luck: “Tomorrow is my birthday but don’t call me old or dirty or I will kill you, punk. You might remember me from films I’ve acted in or directed (or both). I directed Midnight in the Garden of Good and Evil which starred an actor who spent another movie inside of the head of a guy I was trying to kill in my ’93 thriller. Interesting juxtaposition: In that film I was a good guy trying to help out one of the most powerful men in the world, but in my ’97 film I was a thief who also brought down one of the most powerful men in the world (played by a one-time Hoosier).”