Lawyers, Rates, and Turtles
Lawyer Quote of the Day: “I busted a mirror and got seven years bad luck, but my lawyer thinks he can get me five.” – Stephen Wright
Did’ja Know: Loose change adds up! Last year the TSA collected $765,759.15 in loose change at airport security checkpoints across the country. (*side note: they also have my belt).
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 Housing Starts, tomorrow Weekly Jobless Claims, and on Friday the Consumer Sentiment Report. If these reports come out strong for the economy you can expect rates to tick up, and vice-versa if the numbers show weakness. And a BTW comment: The Fed is going to lower rates in the near future but keep in mind the banks know this and have already baked that info into the rates you see now. It’s what they say during that drop that can sway rates in either direction. For example, if the Fed says, ‘Many more drops to come, the economy is weak’ you can expect the mortgage rates to drop, but if the wording is something like, ‘This is the only drop because we see the economy is all rainbows and unicorns’ you will actually see rates go up even though they are dropping.
Interest rates ticked up last week but are still beautiful, Mortgage Fans! Today’s 30yr fixed you will find in the upper-3s/low-4s, with adjustable rate mortgages a sliver lower. As usual rates will vary based on types of homes, equity in the home, your credit score, and if you’re curious about Turtle Tunnels.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and the end of Augusts I will give a $500 closing cost credit. Grab yourself a cup of instant karma and pass my info along to any friends, family, or coworkers who can use this gift!
Lawyer Quote of the Day 2: “If your lawyer has a ponytail you’re going to prison.” – @DavidKlein5
Timeout for Trivia: Congrats to those who guessed Jack White last week. Want to be entered into a drawing to win Mini Cement Bricks and Mortar? Simply email me the answer to this week’s Who Am I? question. Good luck: “Tomorrow is my birthday and it’s been 15 years since I landed the lead role in a TV series about being a detective. The fictional town it appeared in – as well as my character name – would make you think this all took place in space. Aside from TV I like starring in movies, certainly you didn’t forget about my Judd Apatow produced movie that was released in 2008, did you? There was an actress who starred in that movie who also starred with me in our 2016 movie (and holiday sequel) which we can relate to since we both have kids.”