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Your Home, Your Rates, and Bad Decorations!

 
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One of my all-time favorite movies is the Wizard of Oz. Being in the industry of helping people buy their homes, I always think of the most memorable quote from that movie: ‘There’s no place like home.’ (*spoiler alert: it was just a dream). And yes, I still have nightmares that the flying monkeys are chasing me, my shrink and I are working on it – no worries. Anyway, I thought I’d lead off the blog with some quotes about homes but guess what – there in the vast internet universe there aren’t any good ones I could find, so we’ll go with ‘Place’ today, the next best word:

Place Quote of the Day: “Never give up, for that is just the place and time that the tide will turn.” – Harriet Beecher Stowe

Today in Economic History: It was on this date in 1775 when the Continental Congress issued a paper currency called ‘The Continental’ The currency was created to help colonies finance their revolution against Great Britain. The currency never caught on, quickly lost whatever value it had, and even George Washington knocked it by saying, “A wagonload of currency will hardly purchase a wagonload of provisions. Put my face on it and maybe things will change!” I made up that last sentence, but it could’ve happened, you never know. It wasn’t until the dawn of the Civil War when new notes were issued that actually stuck.”

Wuss’up This Week: Lots of stuff happening that can shake up interest rates this week. Today the Fed Chair Jerome Powell will speak on monetary policy, and right after the Chicago Fed President James Bullard will speak so he can feel important too. Tomorrow we’ve got jobless claims, and on Friday the New Home Sales Report is released.  If these reports come out good for the economy you’ll see rates continue their journey to the sky, and if things look bleak you’ll see rates tick down a bit.

Interest Rate Update: Today we find 30yr fixed conforming rates (*that’s for any loan at $647k or less) in the low-to-mid 6s, with jumbo rates (*over $647k) anywhere from the low-5s to the low-6s – I know that’s a big range but there are so many factors, Mortgage Fans. As usual rates will vary based on your credit score, type of home, equity in the home, and how you decorate your home.

Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive a big chunk of lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people that like historical photos.

Place Quote of the Day 2: “If you don’t know where you are going, you might wind up someplace else.” – Yogi Berra

Timeout for Trivia: Congrats to those who guessed Katie Holmes last week! Want to be entered into a drawing to win a Downy Fabric Softener T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “A movie came out on this date in 2001, and I joined on to one of the sequels 10 years later. My nickname is something an archaeologist might have, and an anagram for my name is ‘Enjoy Own Hands’ and yes, my hands were a big part of my former career, along with my legs and an occasional chair I suppose. Remember my 2015 disaster film? It only has a 48% approval rating on Rotten Tomatoes, but hey – it’s not my fault – hahaha – love my play on words. Hollywood is a competitive industry, and if you said it’s a jungle out there I wouldn’t know if you meant the expression or my movies.”

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.