Music, Rates, and Cool Toasters!
Music Quote of the Day: “Behind every favorite song there’s an untold story.” – Author Unknown
Today in Economic History: Needing funds to finance the American Revolution, Congress approved a $5 million dollar loan with a 4% interest rate on this date back in 1776. This was the first loan taken out by our nation. It’s comforting to know that rates are only about one point higher than they were 242 years ago, and with this info, you may want to refinance before rates hit 6% in 2260.
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. This is an important week that all centers around employment. Today we’ve got the ADP Employment Report (expected: 165k), tomorrow Jobless Claims (expected: 218k), and on Friday the biggest of the three – the September Employment Report (expected: payrolls + 202k, unemployment down to 3.9%). If these numbers come in better than expected you will see interest rates go up, but if the numbers come in weaker for the economy you can expect rates to tick downward.
Interest rates remain the high-4s/low-5s for a 30-year fixed with adjustable rate mortgages anywhere from .25- .50% less. As usual, rates will vary based on the type of home, equity in the home, your credit score, and if you’ve seen funny things at airports
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and Thanksgiving I will waive $500 of lender fees. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like optical illusions who can use this gift!
Music Quote of the Day 2: “I bet the terrorists have a guy who does parody songs named Weird Al Qaedavic.” – @DamienFahey
Timeout for Trivia: Congrats to those who guessed Katy Perrylast week. Want to be entered into a drawing to win a Bob Ross Toaster (it toasts his face onto the bread which is cool because you can pretend you’re a cannibal when eating the toast)? Simply email the answer to this week’s Who Am I? question. Good luck: “I was born on this date and I’ll be happy to provide the vocals when you sing me Happy Birthday. If you ask me if I have a good singing voice my answer will be the same as the two-word name of my first band. You’ll remember my band from our ’95 album which earned us Grammy nominations for Best New Artist and Best Rock Album which was characterized as ska punk. Despite my band’s success, I went on to a successful solo career, and in my debut solo album I had a hit with the same name as an early Hall & Oates hit although it’s more closely tied to a Jewish 1964 musical.”