Beaches, Bob Ross, and Climbing Rates
Beach Quote of the Day: “Time wasted at the beach is time well spent.” – Author Unknown
Today in Economic History: It was on this day back in 1776 that Congress approved a $5 million dollar loan with a 4% interest rate to help fund the American Revolution. 243 years later it looks like rates have come full circle, Mortgage Fans…
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 the ADP Employment Report, tomorrow Weekly Jobless Claims, and Friday’s biggie the Employment Numbers Report for September (which is anticipating 150k new jobs, and the unemployment rate expected to stay at 3.7%). If these reports come in better than expected you will see interest rates climb up and vice-versa if the numbers disappoint.
What do interest rates have in common with leaves falling? Really nothing so I’m not sure why I started the paragraph like that because rates have been slowly nudging up, not falling. You’ll find a 30yr fixed interest rate anywhere from 3.75% – 4.125% and adjustable rate mortgages a teeny, teeny sliver less. As usual rates will vary based on type of home, equity in the home, your credit score, and if you accidentally bought a Bob Ross painting
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and Thanksgiving I will waive $500 in closing costs! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that know 12 geography facts that can use this gift.
Beach Quote of the Day 2: “I bet kangaroos get tired of holding all their friends’ keys and cell phones while they’re at the beach.” – @jordyHamrick
Timeout for Trivia: Congrats to those of you who last week guessed Paul Newman. Want to be entered into a drawing to win Beer Mug Socks (perfect for Octoberfest)? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date back in 2011 we had the # 1 song (on the Hot 100 list) in the country. No, we are not the Rolling Stones! We had help on this one from a female artist who – with this song – became only the second female artist to have a number one single in the 1990s, 2000s, and 2010s (Britney Spears was the other). Also, if we tell you our lead singer has a really good voice that could be considered a play on words.”