Pros & Cons, Rates, and the Number 50

Pros and Cons Quote of the Day: “Pro and con are opposites, that fact is clearly seen. If progress means to move forward, then what does congress mean?” – Nipsy Russell

This Week in Economic History: It was on January 18th, 1978 that Jonny Paycheck’s song Take This Job and Shove It hit # 1 on the Billboard charts. It was probably easy for him to say that as the unemployment rate was down to 6% despite inflation woes. During the Depression (the one in the 1930s, not my 1980s depression getting dumped by three consecutive girlfriends) unemployment was at 25%, and now stands at a little over 4%. Here’s an interesting historical chart for jobs.

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 Retail Sales, tomorrow Housing Starts, and Friday nothing important so feel free to call in sick and gear up for a three-day weekend! If these two reports come in positive for the economy you can expect rates to tick up, and vice-versa if the numbers come in low.

Interest rates remain fairly stable when last year at this time they were climbing pretty quickly. Jumbo interest rates (anything over $484k) and conforming interest rates (under $484k) have completely flip-flopped the last 18 months. Conforming rates used to be lower than Jumbo but now they are about a quarter apart. Jumbo 30-year fixed rates are around 4.375% and conforming rates  for a 30yr fixed remain in the mid-to-upper 4s with adjustable rate mortgages about .25-.50% lower. As usual rates will vary based on credit score, type of home, equity in the home, and if you’ve literally had your home robbed.  

Don’t Forget to Remember: Any purchase or refinance loan that closes between now and March 31st will get a closing cost credit of $650. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people who want to know 50 things turning 50 this year (# 9 my favorite) that can use this gift. 

Pros and Cons Quote of the Day 2: “Not sure if this Adderall is working but I just made a pros and cons list about pros and cons lists.” – @KevinFarzad

Timeout for Trivia: Congrats to those who last week guessed Jimmy Page. Want to be entered into a drawing to win a Bacon Express Grill? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my 45th birthday today and I’m happily single. I’m not going to marry anyone from the Rolling Stones  – they can’t collect me like some sort of  nonvascular plant. An anagram for my name is Toe Masks but trust me – I’m not covering up any of my body (i.e. see Playboy’s 60th anniversary issue). There was a time period when I did take off my clothes and people thought I was on drugs or anorexic but it hasn’t hurt my paycheck, I battle it out every year for the top spot which is usually me or a quarterback’s wife.”


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