Elephants, Stable Rates, and Zombie Raccoons – Oh my!
Counting Quote of the Day: “In the end it’s not the years in your life that count, it’s the life in your years.” – Abraham Lincoln
Today in Economic History: It was on this day in 1935 the Social Security Act was passed. Social Security is a program that takes a certain percentage out of a worker’s paycheck and placed in a national pension that provides funding for retired people. Will this ‘pension’ ever run dry? Probably not, 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 got nothing and later this week he NAHB Housing Market Index, Jobless Claims, and Housing Starts will be reported. These aren’t really reports that can shake things up drastically, so I expect rates to remain fairly stable for the rest of the week.
Interest rates remain in the mid-3s/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 how much you know about elephants.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me between now and end of September 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 zombie raccoons that can use this gift.
Counting Quote of the Day 2: “Live your life with the enthusiasm of Bruce Springsteen counting to four.” – @jillkrajewski
Timeout for Trivia: Congrats to those who last week guessed Charlize Theron. Want to be entered into a drawing to win a Cookie Monster Ocean Wave T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 1995 my band made its network television debut on The Late Show with David Letterman. (We also played his last show in May 2015). I started the band after my earlier band suddenly disbanded in 1994 after a ton of success which meant, ironically, I wasn’t feeling perfect happiness., and rumor at the time had it I was going to join Perl Jam or Tom Petty & the Heartbreakers. I came up with my band’s name after reading what aircraft pilots in World War II called UFOs at the time. Had I known how successful my band would turn out to be I never would’ve named it that. (*it also sounds like something John Belushi would yell out.) We’ve had a lot of hits over the years but I think one of my favorite albums is the one we released in 2014 whose title sounds like a drive-in fast-food restaurant combined with a road trip.”