Feeling Higher Rates, 80s Music, and a Shakespearean Prize!
Feel Quote of the Day: “The best and most beautiful things in the world cannot be seen or even touched. They must be felt with the heart.” – Helen Keller
This Week in Economic History: It was on October 12th, 1837 Congress took action to stabilize the nation’s economy during the Panic of 1837. However, their efforts failed and the depression persisted for seven years. (side note: after my high school girlfriend dumped me my depression only lasted 6 years).
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’ve got the Producer Price Index which is a report that measures inflation, tomorrow Weekly Jobless Claims, and on Friday the U of Michigan Consumer Sentiment Report which is a report that gives an indication of consumers’ willingness to spend. If the findings are good for the economy you can expect rates to keep ticking up, and vice-versa if the data shows a weakness in the economy.
What in the H – E – double hockey sticks happened to rates last week? All three employment reports came in better than expected which pushed rates above 5% for a 30-year fixed (adjustable rate mortgages are anywhere from .25-.50% lower). Before you go hating on the 5s you should know that the greatest car ever invented was called the Mach 5, and here are some other great number 5 facts. As usual rates will vary based on type of home, equity in the home, and your credit score.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and Thanksgiving I will waive $500 in lender fees. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or 1980s music buffs that can use this gift!
Feel Quote of the Day 2: “Toilets that automatically flush before I’m done make me feel like every relationship I’ve ever been in.” – @conanobrienswyf
Timeout for Trivia: Congrats to those who guessed Gwen Stefani last week. (side note: the only speeding ticket I’ve ever gotten out of was because the cop who pulled me over saw the No Doubt CD on my seat and we bonded over their music. Also, a note for Millennials: a CD was a circular disc that you loaded into what was called a compact disc player that played music.). Want to be entered into a drawing to win a Shakespeare Tissue Dispenser? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2007 that a survey in Blender Magazine ranked me the worst lyricist in rock history. They pointed out some of my sins like name-dropping a Russian novelist in my 1980 song about a problem school teachers and students still face today, and the 8 word title of my band’s song where each word was only two letters long (also a 1980 hit). Okay, maybe I’m not the best lyricist but I did a good job changing my name. I mean, no one wants to say, “Hey, I got tickets to the Gordon Matthew Thomas Sumner concert tonight!”