Sounds like Rates and Slinkys!
Sound Quote of the Day: “It is remarkable how long men will believe in the bottomlessness of a pond without taking the trouble to sound it.” – Henry David Thoreau
This Week in Economic History: It was on August 2nd, 1824 that America’s most fashionable street started out as a residential area. Today Fifth Ave is now known for a place that took my bonus when my wife and daughter went to visit New York earlier in the year.
Wuss’up This Week: This week reports are out (or will be released) about inflation, housing, the Fed, and Jobs data. Of all the reports it’s what the Fed says today (at 2:00pm CST) that can drive rates in either direction. Can rates go up even if the Fed cuts rates? Yes. If the market thinks that this cut can spur more inflation than you’ll see rates trickle up. We are glass half-full though right, Mortgage Fans, so maybe they come down a little? Right now the banks have all anticipated a .25% cut which in theory should mean they don’t go up or down but we’ll know in a few hours…
Interest rates as of now are in the high-3s/low-4s for a 30yr fixed, and adjustable rate mortgages are a sliver lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you can learn any new skills by watching YouTube.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and Labor Day gets a $500 closing cost credit! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that have found wild animals in their salad that can use this gift.
Sound Quote of the Day 2: “All the Kardashian girls sound like they’ve just been lobotomized and an only remember the words ‘I just feel like…’” – @trevso_electric
Timeout for Trivia: Congrats to those of you who guessed Jennifer Lopez last week. Want to be entered into a drawing to win a Slinky T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “You don’t have to read between the lines to know it’s my birthday today, and here are four other things to know: If you text me you hate my body of work and then say you were just kidding that’s been done already and it’s annoying, Adele did not write a song about me swimming, an anagram for a character I created is Trophy Rater, and if I was an athlete and did one of those, ‘I’m going to Disney World’ commercials I would change it to ‘I’m going to Universal Studios.’”