Diseased Rates, Leaf Art, and Halloween Candy Rankings!
Disease Quote of the Day: “One of the greatest diseases is to be nobody to anybody.” – Mother Teresa
Today in Economic History: After several unsuccessful business attempts, it was on this day in 1858 when Roland Macy founded his own department store called Roland’s. Just kidding – Macy’s – which is the biggest department store in the country by volume. I always love watching the Macy’s Thanksgiving Day Parade to see how long the announcers can keep it interesting. Trying this year to break last year’s record of 54 seconds. In the meantime here are some fun facts about the parade.
Wuss’up This Week: Congratulations on reaching the most boring part of this blog –
this is where I tell you the economic reports that come out this week that can sway interest rates in either direction. Today we’ve got the Durable Goods Orders Report, tomorrow Jobless Claims, and on Friday the Core Inflation Report. This is the most important as we’re starting to see inflation accelerated due to the backups in getting freighters unloaded, supply and demand, blah, blah, blah... Inflation being a kryptonite for rates is naturally troublesome, and I have to tell you I do miss 30yr fixed rates that start with a 2.
Interest Rate Update: First the good news, Mortgage Fans. My favorite candy leads off the power rankings for Halloween. But the bad news is that rates continue their very slow climb in the wrong direction. Today we find a 30yr fixed conforming rate (*that’s for any loan at $625k or less) at around 3.25%, and a jumbo (*over $625k) 30yr fixed anywhere from 2.75% - 3.25%. 15yr fixed conforming loans are still in the mid-2s, and ARMS – both conforming and jumbo can be found anywhere from 2.0% to 2.75%. As usual, rates will vary based on if it’s a purchase or refinances, type of home, equity in the home, your credit score, and if you like leaf art.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $575 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like rarely seen things that can use this gift.
Disease Quote of The Day 2: “I can’t believe Lou Gehrig’s parents named him after a DISEASE.” - @meganamram
Timeout for Trivia: Congrats to all of you who correctly guessed Tom Petty last week. Want to be entered into a drawing to win a ‘Sorry kid – I’m the Ether Bunny T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 1989 I got married and we are still married to this day, pretty crazy for a Hollywood marriage to last that long, huh? My TV wife hasn’t had the same luck, she got killed off in the reboot. Terrible tragedy, hehehe… actually I don’t know why I’m laughing, I’m not a monster (well, Billy Crystal may think differently) and if it wasn’t for her I don’t know if I would’ve made it as an actor. And in real life alcohol almost killed me. I sobered up and lost a ton of weight - you’ve probably seen the transformations from my 13 times as host of SNL. If you haven’t seen it, you’re out of your element, dude.”
Happy Birthday yesterday to my 7th grade girlfriend, Tria – hope you had the best day! (*let the record show I don’t hold a grudge even though Tria showed me she was dumping me instead of telling me she was dumping me by bringing her new boyfriend along on one of our dates).
Disclaimer: The views and opinions expressed herein are those of the author, Barry Schwartz and do not necessarily reflect the views or positions of any entities they represent.