Looking at Rates and Riots
Looking Quote of the Day: “All of us are watchers – of television, of time clocks, of traffic on the freeway – but few are observers. Everyone is looking, not many are seeing.” – Peter M. Leschak
Did’ja Know: In the United States there are, on average, 1,700 new millionaires every day. (*this just in: I’m not one of them!)
Did’ja Also know: A study in Washington D.C. showed it would take an average of 36 years for someone earning the median income in D.C. to save for a 20% down payment on a median-priced home. Just a reminder to you, Mortgage Fans – you can do as little as 3% down on a conforming loan (that’s $453k or less).
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 New Home Sales (expected: 692k), tomorrow Durable Goods Orders (expected: up 0.4%), and tomorrow the Q2 GPD (expected: up 2.2%) which is a report that measures US economic production. Any reports that show a weakness for the economy can lead to lower interest rates, and vice-versa if the numbers come in better than expected. Speaking of rates…
…they have remained pretty consistent this summer. You’ll find a 30yr fixed in the mid-to-upper 4s with adjustable rate mortgages a little bit lower. As usual rates will vary based on type of home, equity in the home, and if you like watching videos of people doing things you probably can’t do either.
Don’t Forget to Remember” Any purchase or refinance loan that closes with me between now and August 31st 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 anyone that needs the riot act read to them.
Looking Quote of the Day 2: “Look. If we’re going with redundancies like ‘tuna fish’, I’ll just have my beefmeat and be done with it.” – @davio1962
Timeout for Trivia: Congrats to those who last week guessed Jerry Garcia. Want to be entered into a drawing to win Ice Tea With Ice Cubes T-Shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “Tomorrow is my birthday – you can sing Happy Birthday to me or I can sing it to myself because I’ve got ‘longer tonsils’ than most people (just kidding, that’s an anagram for my group’s name and a hint to my part in the band). The guy I write songs with has a first and last name that can both be a male’s name, and my 2nd wife’s first name could also be a name for a guy. In a recent article a panel of experts ranked our best song which has the title of something you’d want if it were raining outside.”