Pushing Bull Markets, Rates, and Water
Push Quote of the Day: “Sometimes being pushed to the wall gives you the momentum necessary to get over it.” – Peter de Jager
Today in Economic History: It was on this day in 1987 the six-year bull market the NYSE had enjoyed reached its peak by topping out at 2,772 points. The next day began a drop and on October 19th the market lost a record-setting 508 points. (*as of this writing the NYSE is over 13,000. Just think if you were alive in ’87 you’ll be able to tell your grandkids years from now, “I remember when the NYSE high was less than 3,000!” Then your grandkids will ask, “Is that the same thing as the Amazon NYSE?”)
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 the Existing Home Sale report as well as the Fed Minutes. Usually these minutes are important but overshadowing them will be Fed Chair Jerome Powell speaking late in the week about the economy. New Home Sales report will be on Friday.
Interest rates continue their wild ride. Today you’ll find a 30-year fixed rate anywhere from the mid-3s to upper-3s/low-4s. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know 12 facts about Netflix.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $500 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers or people that like to watch liquid poured in slow motion that can use this gift.
Push Quote of the Day 2: “It’s 100% legal to murder a kid who gets in the elevator and pushes all of the buttons.” – @kellyoxford
Timeout for Trivia: Congrats to those who last week guessed Dave Grohl. Want to be entered into a drawing to win a Skip a Straw Save a Turtle T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “Tomorrow is my birthday and I guess if I never got into acting I could’ve endorsed hairpiece companies for a living. I was part of a show from 2006 – 2012 and during that time I lent my voice to help with characters in Despicable Me and How to Train Your Dragon. The turning point in my career came with a movie I had the lead role in (2011) – and as a comedy you’d think I would’ve been the funniest, but someone whose cousin posed for Playboy stole the movie.”