Fishing for Lower Rates, Country Music & Jell-O!
Fish Quote of the Day: "Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.” – Albert Einstein
Today in Economic History: It was on this day in 1997 that CBS’s parent company finalized the purchase of The Nashville Network and Country Music Television for a reported $1.5 billion in stock. Written into this contract was a clause that songs would only be played if they contain lyrics about trucks, beer, and small towns. Yes, I made up that last fact, but I didn’t make up these Top 20 country music opening lyrics.
Wuss’up This Week: This is actually a slow economic week but a big week for things that can impact interest rates. Tomorrow and Friday there will be a 10-year bond auction – if there is interest and a lot of bonds are bought you can expect interest rates to rally down (hey – these make a great gift! What’s more, romantic than receiving a bond on Valentine’s Day.) but if not enough are sold you’ll see rates spike up. Also tomorrow Fed Chief Jerome Powell speaks (*FYI – The anagram for his name is Empower Jello! And with that here are 14 fun facts about Jell-o), and 9 times out of 10 when the Fed speaks the market reacts in a way that is not rate-positive.
Interest rates ticked up last week for absolutely no reason at all; as of this writing (Tuesday night) rates have rallied a little but still on their highs for the year. A 30-year fixed conforming loan (*that’s any loan at $548k or less) was at 2.75% - 3.125% and jumbo loan (*over $548k) in the 2.875% - 3.25% range. As usual, rates will vary based on if it’s a purchase or refinance, type of home, equity in the home, your credit score, or if you like perfectly timed pictures.
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 photoshopped dads that can use this gift.
Fish Quote of the Day 2: “It’s so cute how fish just can’t contain their excitement when you cuddle them.” - @control_zed
Timeout for Trivia: Congrats to those who last week guessed Glenn Close. Want to be entered into a drawing to win a Mister Rogers Color Changing Sweater Coffee Mug? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today, and after all these years I’m still wondering why Chase, Citi, Wells, etc. haven’t called me to be their spokesperson – ha! Some things you’ll want to know about me are that I love magic, biscuits, and men who aren’t experienced. I definitely love my husband, and uh – maybe my costars too. I also love making sequels! Do you remember my three movies that could be retitled Frequency Flawless, or my four movies that could be retitled Famine Contests?”