Earth, Rates, and Selfie Toasters!
Earth Quote of the Day: “Try to leave the Earth a better place than when you arrived.” – Sidney Sheldon
Today in Economic History: It was on this date back in 1932 the Glass-Steagall Act was passed due to the shortages in gold because people were stockpiling it to get through the Depression. (*in an interesting juxtaposition I am depressed because I have no gold). The Glass-Steagall Act was designed to give more power to the Fed which allowed them to extend credit and release some of the government’s gold to businesses.
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. Today we have Durable Goods Orders (*these are for big-ticket items that last longer than three years like refrigerators, cars, and – despite my wife disagreeing with me – my Fruit of the Loom boxers), tomorrow Weekly Jobless Claims, and on Friday Consumer Spending. If these reports come in good for the economy you can expect rates to tick up, and vice-versa if the numbers disappoint.
February was kind to interest rates as they end the month almost .125% lower than where it started. Today you’ll find a 30-year fixed jumbo rate (that’s for any loan over $484k) in the low-4s, and for conforming loans (under $484k) in the mid-to-upper 4s. Adjustable rate mortgages on both ends remain anywhere from .25-.50% lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you like watching watermelons explode in slow-motion.
Don’t Forget to Remember: Any purchase or refinance loan closing with me between now and April 30th I will waive the appraisal fee ($450). Grab yourself a cup of instant karma and pass this info along to any friends, family, coworkers, or people that like nature’s hairstyles that can use this gift!
Earth Quote of the Day 2: “People who cheer at concerts when a musician says the name of their city are the most easily impressed people on Earth.” – @DamienFahey
Timeout for Trivia: Congrats to those who last week guessed Rihanna. Want to be entered into a drawing to win a Selfie Toaster? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2005 I won an Oscar for my acting in a movie that should get me at least a million-bucks for my next movie, right? In my acceptance speech I forgot to thank someone I should have, but that might’ve been because I was fantasizing about being with his brother. Yeah, I can space things out but I’m not dumb. According to Webster’s Dictionary my last name means dashing smartness, as in dress or appearance.”