Summer, Tests, and Lower Rates

Before we start the blog I’d like to let me wife know that our marriage is now on hold for football season which opens tomorrow (Go Bears!). She will then try and fight me on that remark but I will remind her that Housewives of Beverly Hills/The Bachelor/Big Brother runs 365 days a year while football season only about 5 months. Okay, onto the blog…

Summer Quote of the Day:“One must maintain a little bit of summer, even in the middle of winter.” – Henry David Thoreau

Today in Economic History: It was on this day in 1888 that George Eastman, a junior bank clerk from upstate New York, received his patent on a camera (and his trademark ‘Kodak’) that could be used by the general public. (*side note: My aunt believed me last week when I told her my phone was out of film when she asked me to take a group photo. Yes, I am going to hell.)

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 week it’s all about jobs starting with the ADP Employment Report today, Initial Jobless Claims tomorrow, and Friday’s biggie the August Jobs Report Numbers (predicted: 160k with unemployment staying the same at 3.7%). If these numbers come in better than expected for the economy you can expect rates to tick up, and vice-versa if the numbers disappoint.

Interest rates remain really low, Mortgage Fans. A 30yr fixed can be found anywhere today from 3.50% – 3.99% for a conforming loan (that’s any loan under $484k), and slightly over for a jumbo loan (over $484k). Adjustable rate mortgages are only a fraction of a sliver lower than fixed rates so it’s not worth the gamble in my opinion. As usual interest rates will vary based on type of home, equity in the home, your credit score, and if you are buying a home in Spain and have to pass a test to do it.

Don’t Forget to Remember: Any purchase or refinance loan closing with me between now and the end of the year 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 co-slackers that can use this gift.

Summer Quote of the Day 2: “The inventor of the Frisbee died yesterday. Per his final wishes, he’ll be thrown onto the roof and forgotten about until next summer.” – @gordonshumway

Timeout for Trivia: Congrats to those of you who last week guessed Jack Black. Want to be entered into a drawing to win a Bicycle Pizza Cutter? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 1985 that my movie was released in the UK (it was released 5 months earlier in the US). The filmmakers had initially wanted Diane Keaton and Goldie Hawn to play the leads but the director instead hired me and an actress whose brother married a good friend but will want to make you scream. Also on this day in 2011 a California judge ruled that I did not hold the trademark to the title of a song I wrote that I wanted to name my line of clothing. (an L.A. retailer called LA Triumph had been using the same name of the song and had registered it as a trademark).

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