Dancing, Watching, and Sitting Shotgun
Watching Quote of the Day: “If it weren’t for electricity we’d all be watching television by candlelight.” – George Gobal
This Week in Economic History: It was on June 13, 1933 The Home Owners Refinancing Act was passed. Back then banks typically offered 5-year balloon mortgages but only if you put a 50% down payment on your home. The internet didn’t help me in finding out what rates were back then, but I imagine pretty high during the Great Depression. (*not to be confused with the Great Depression of ’88 when I failed Spanish for the third semester in a row).
Wuss’up This Week: Every day reports about our economy are released into the wild that can sway interest rates in either direction. Today is the biggie where our friend and Fed Chief Janet Yellen will most likely bump rates .25%. My advice to you: don’t freak out! The banks have already pretty much built this into their rates over the last few weeks. A few other reports (Capacity Utilization on Thursday, and Consumer Sentiment on Friday) may lead to lower rates if there are signs of weakness.
Interest rates remain in the high-3s/ low-4s for a 30-yer fixed. See, I told you not to freak out – these are still beautiful! As usual interest rates will vary based on type of home, equity in the home, your credit score, and if you know a toddler who can wash dishes while balancing on his stomach.
Don’t Forget to Remember: Any purchase or refinance loan over $240k I will waive HALF the lender fees – an $895 savings! Grab yourself a cup of instant karma and pass this info onto any friends, family, coworkers, co-slackers, or people wanting to know the history behind ‘shotgun’ seating that can use this gift.
Watching Quote of the Day 2: “I illegally watched Hangover Part 3 and I still feel like I got ripped off.” – @TheNobleGoat
Timeout for Trivia: Congrats to those who last week guessed Prince last week. Want to be entered into a drawing to win a Rhino Shaped Hammer? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in ’96 that my movie about a normal guy turned genius topped the box office. You know who else starred in one of the top grossing films of ’96? My wife! In real life she’s a scientologist (so am I) and in this sports-themed movie she is dumped by the most famous scientologist. But back to me: I hit it big in the 70s on TV and movies – doesn’t anyone remember, how come I haven’t been asked to be on Dancing With the Stars? I was pretty good in my day!”