Warnings, Rates, and French Fries
Warning Quote of the Week: “If you can’t be a good example, then you’ll just have to serve as a horrible warning.” – Catherine Aird
Today in Economic History: It was decided on this date in 1978 to mint a coin with famous suffragist Susan B. Anthony’s picture displayed on it. In researching this I found out she wasn’t the first female depicted on US currency – that honor belongs to Pocahontas – and she won’t be the last. Some exciting changes to the $20 coming in 2020.
Wuss’up This Week. Every day reports about our economy are released into the wild, and it’s those reports that can sway interest rates in either direction. Today we’ve got rates swinging… up. Fed Chief Janet “Who’s doin’ all that” Yellen is expected to bump rates .25%. This is no surprise to anyone, but what she says will be analyzed to death and it’s that wording that can drive rates up or down. Tomorrow we’ve got the Jobless Claims report, and on Friday some small reports that are meaningless for rates.
So with rates being raised how does that impact mortgage rates? Not much, Mortgage Fans. Banks have been expecting this raise for months and have already baked it into their rates. A 30-year fixed remains in the high-3s/low-4s with ARM rates about a half a point lower. As usual rates will vary based on type of home, equity in the home, credit score, and how much you know about a Charlie Brown Christmas.
Don’t Forget to Remember: Any purchase or refinance loan over $240k I will waive HALF the lender fees – an $895 savings! Grab yourself a cup of instant karma and pass this info onto any friends, family, coworkers, or people that love French fries that can use this gift.
Warning Quote of the Week 2: “Bi-Polar Bears usually attack without warning, then sob for hours while eating leftover walrus.” – @JennyJohnsonHi5
Timeout for Trivia: Congrats to those who guessed Kim Basinger last week. Want to be entered into a drawing to win a Soccer Kicking Coin Bank? Simply email me the answer to today’s Who Am I? question. Good luck: “Today is my birthday and I have a lot to celebrate. Most people know me for acting but I’m also a Grammy award-winning musician (including two number one songs that were both recorded in a studio in California. So yeah, you could say they were recorded out West). I love acting best though — and from 1996-2001 I had a comedy show whose title would insult the musician I played in a bio-pic (which I won an Oscar for Best Actor).”