Unusual Houses, Couches, and Rates
Couch Quote of the Day: “We must use time as a tool, not as a couch.” – John F. Kennedy
This Week in Economic History: It was on August 21st, 1987 that the six-year bull market the NYSE had enjoyed reached its height by topping out at 2,772 points before starting a rapid drop which included a 508 point loss on October 19th. In better bull news we were just two months away from the start of the first season where the Chicago Bulls would finish over .500 for the first time in MJ’s career.
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 Existing Home Sales (expected: 5.4m), tomorrow Weekly Jobless Claims (expected: 215k), and on Friday Durable Goods Orders (expected up 1.2%) which is an indication of the demand for ‘big ticket’ items like cars, refrigerators, and the 30-pack of Rogaine I just bought (*hoping to still have hair by that 30th bottle otherwise it will have been a bad investment).
Last week I made the error of saying 30yr fixed rates were in the 3s. This blog goes to over 3,000 people and at least 900 of you replied asking me to refinance them. My apologies to you 900, and to the other 2,100 I say, “Wake up!” Anyway, I will start to proofread what I send, my apologies for the tease as rates will not hit the 3s again until October 2020 (*yes, I work at the Psychic Friend’s Network for my side gig). As of today rates for a 30yr fixed can be found in the mid-to-upper 4s with adjustable rate mortgages maybe .125-.25 less. As usual, rates will vary based on your credit score, type of home, equity in the home, and if your home is unusual.
Don’t Forget to Remember: Any purchase or refinance loan between now and the end of September I will eat $500 of lender fees. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers or Right Said Fred fans that can use this gift.
Couch Quote of the Day 2: “If watching the big-screen TV with your pants off and a bag of Doritos is wrong, then they shouldn’t have couches at this Best Buy.” – @capricecrane
Timeout for Trivia: Congrats to those who last week guessed Jennifer Lawrence. Want to be entered into a drawing to win a Breaking Bad RV Incense Burner? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today and while I’m not old I might need to buy my last name in 30-40 years. You know me from my 2005-2012 stint on SNL, but I’m just as famous on the big-screen too. Remember me as a the passive-aggressive assistant in a 2007 Apatow comedy? Or maybe you remember me in a movie I also wrote that I was very funny in, but a Playboy centerfold’s family member stole the show.”