Old Presidents, Old Rates, Old Coke
Arm Quote of the Day: “Open your arms to change, but don’t let go of your values.” – Dalai Lama
Today in Economic History: It was on this day in 1985 that the Coca-Cola Company unveiled plans to put ‘Coca-Cola Classic’ on the market. Earlier in the year Coke had changed their recipe and marketed the “new” Coke which failed miserably. Rather than admit defeat over their new soda they would remarket the original recipe by remaining it ‘Coca-Cola Classic’ while continuing to sell the new recipe simply as ‘Coke.’
Who wants the ‘New Rates’ as opposed to the ‘Classic Rates’? I don’t see any hands going up so I’m assuming we all miss seeing 30-year fixed rates in the 3s. But hey, Mortgage Fans, historically rates aren’t too shabby right now. Check out this historical 30-year fixed chart and tell me how you would’ve felt buying a home in 1982.
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 (expected 135k), tomorrow Weekly Jobless claims (expected 227k), and on Friday the Leading Economic Indicators Report (expected up 0.2%) – this is an indication of future economic activity. Any reports that are good for our economy may sway rates upwards and vice-versa if the reports show numbers worse than expected.
A 30yr fixed remains in the mid-4s with adjustable rate mortgages just a little bit less. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know interesting facts about Teddy Roosevelt.
Don’t Forget to Remember: any purchase or refinance loan between now and August 31st I will waive $500 of lender fees. Grab yourself a cup of instant karma and pass this info to any friends, family, coworkers, or people who can paint landscapes on tiny tins.
Arm Quote of the Day 2: “My arm could be chopped off and I could be covering the wound with paper towels and my wife would be like, “Too many. You’re wasting them.”” – @Cheeseboy22
Timeout for Trivia: Okay, so I usually write these questions a few weeks in advance. Last week I goofed and sent out the 18th when it should’ve been the 11th which is why I was a week off on David Hasselhoff’s birthday. In any event – do we care about him or his birthday?! Here’s a better question: Want to be entered into a drawing to win a Yoda Bookend with Force? Simply email me the answer to this week’s Who Am I? question. Good luck: It was on this date in 1992 that President Clinton bought a set of ties that I designed. Am I clothes designer? No. But you’ll be happy to know I have a flavor of ice cream that was inspired by my name – I’m only the second famous person to have an ice cream flavor named in their honor. Wish I was alive to enjoy it but I’m no longer alive in more ways than one.”