Cold, Gold, and Rates!
Well… today in Chicago will be colder than Siberia, Antarctica, and Mt. Everest so here’s a 19 -second pick me up of summer – we will get there again, Mortgage Fans- hang in there, we’ve always got tomorrow…
Tomorrow Quote of the Day: “Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree.” – Martin Luther
This Week in Economic History: It was on January 29th, 1947 that mobster Al Capone died in Alcatraz. And it was a little over 30 years ago when Capone almost came back to life and killed Geraldo’s career (starts at about the 1:55 mark) . Also on this day in 1934 The Gold Reserve Act is passed which gave the President power to set the value of the dollar relative to the price of gold. Here’s 10 fun facts you did not know about gold.
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 as today we have the ADP Employment Report, tomorrow Jobless Claims, and Friday’s biggie the January Nonfarm Payroll Numbers (expected: 312k). If these reports come in good for the economy you can expect rates to tick up, and vice-versa if the numbers disappoint.
Interest rates remain pretty flat (and low!) to start the year. A 30-year fixed conforming rate (that’s for any loan under $484k) remains in the mid-to-upper 4s with Jumbo rates (any loan over $484k) in the low-4s. As usual rates will vary based on credit score, type of home, equity in the home, and if the home is worth a billion-dollars.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and March 31st I will waive the $450 appraisal fee! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, co-slackers, or UFO enthusiasts.
Tomorrow Quote of the Day 2: “Tonight is bad for me. Could everyone arrange to Wang Chung maybe some time early tomorrow afternoon?” – @JerryThomas
Timeout for Trivia: Congrats to those who last week guessed Beyoncé. Want to be entered into a drawing to win a Homemade Twinkies-maker Oven? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today – how old am I, you want to know? I am old enough to have appeared as an extra in the Beatles’ film A Hard Day’s Night. And I’m old enough to be one of the very few who had success in a rock band as well as being a solo artist. My rock band’s name means the mode of formation of something, and in that band I actually took the place of another guy who also had a very big solo career (*when you think of one of his songs you might think of John Cusack). My band had a number of great hits – but on my own I had three number one hits from my ’95 album whose title is something a maître d’ might say at a restaurant.”