Thinking about Rates, Bubble-Wrap, and Casablanca
Thinking Quote of the Day: “Nurture your mind with great thoughts, for you will never go any higher than you think.” – Benjamin Disraeli
Today in Economic History: It was on this day back in 1786 Morocco agreed to stop attacking American ships in the Mediterranean for a payment of $10,000! Had we never paid this I think one of the greatest movies of all-time would’ve had a different title.
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. For example, last Friday’s report on employment was way better than expected which killed a nice rate-rally we had going. Today is important because the Fed Minutes will be released. Some say a half a point drop is in our near future, some say a quarter, and others nothing at all. Keep in mind most banks already have this drop built in to today’s rates. Tomorrow we have Weekly Jobless Claims, and on Friday the Producer Price Index Report (expected: 0.1%). If the reports come in bad for the economy you can expect rates to tick down, and vice-versa if the numbers come in better than expected.
You’ll find today’s interest rates in the high-3s/low-4s for a 30yr fixed, and adjustable rate mortgages a sliver lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know what gluten-free really means.
Don’t Forget to Remember: Any purchase or refinance loan closing with me between now and end of August I will give a $500 closing cost credit! 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.
Thinking Quote of the Day 2: “Can’t stop thinking about the uncooked lobsters and shrimp who got a second chance when the Titanic sank.” – @chatroomgirl
Timeout for Trivia: Congrats to those who last week guessed Ariana Grande. Want to be entered into a drawing to win a Bubble Wrap Costume? Simply email me the answer to this week’s Who Am I? question. Good luck: “Yesterday was my birthday and I like to sing. Is it a play on words to say the key(s) to my success was being the other half of the only duet to perform a Bond song (2008)? Nine years before that my wife and I formed a band that sounds like we were looking at a zoo animal when we named it. My music has been labeled punk, and/or alternative so it may be shocking to some that in 2002 we released a song so innocent and simple that it made its way into the Curious George movie soundtrack.”