Happy Independence Day
Question of the week: How are you celebrating Independence Day
Answer: I can’t say quietly as, like most of you, our neighborhood and surrounding areas have been practicing celebratory fireworks for a few months….
With no parades, picnics, official firework shows this 4th of July will be reminiscent of those I had when we lived in Belgium while I was in high school. The two big American holidays, Independence Day and Thanksgiving, were just another day on the calendars of the locals and we created our own little celebrations and remembrances at home.
One thing I like to try to do every year, and usually accomplish because of the Weekly Rate & Market Update that is sent out every Friday, including before or on July 4th with a link, is to read the Declaration of Independence. As I read it I consider that it was a historically unique document in that it had never been done before, representatives of a colony declaring their independence from their monarch, establishing their reasons and clearly indicating they will have “full power to levy War, conclude Peace…”
It was the first political document produced in human history to state, “all men are created equal…endowed by their Creator with certain unalienable Rights, that among them are Life, Liberty and the pursuit of Happiness.”
Here is the link to the Declaration of Independence from the National Archives; I give you less to read this week so you will have time to read our founding document.
Have a question? Ask me!
With employment increasing so does confidence. For now. June saw a large increase in consumer confidence as the economy opened up across the country. With the higher confidence we should see higher retail sales and consumer spending for June as well. There is a “but,” with the spike in positive Covid-19 tests across the country some of the loosen on the economy by governors and mayors are being tightened back up which can, likely will, reduce confidence, spending and employment.
June saw another leap in employment, 4.8 million jobs were added to the economy in June. That brings the total to about 7.5 million jobs coming back in May and June, well below the estimated 22 million jobs that were lost. Because most of the jobs that were lost due to the pandemic were lower wage jobs, the re-hires are also skewed to the lower wage jobs so average wages dropped for the second month in a row. The bar and restaurant sector gained almost 1.5 million jobs in June and have recovered approximately half of the jobs lost by the massive closings in March.
Rates for Friday July 3, 2020: Rates dip a little ahead of the long weekend as investors put funds into fixed rate investments, bonds and mortgages. We are still seeing large disconnect in the high-balance market from purchases and refinances. Call for details and quotes.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS:
30 year conforming 2.75% Down 0.125%
30 year high-balance conforming 3.00% Down 0.125%
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.
Whenever I see or hear a public protest, a demonstration against any sector of any level of government, comments condemning one official or another or several, it pleases me to see that our Constitution still works as these are examples of the freedoms provided, starting with freedom of speech. The Declaration of Independence was the first step towards the Constitution and the Bill of Rights. It is easy to criticize words and actions of those from the past when framed under current conditions and the progress of history, it is harder to imagine the inherent genius in those words and actions that speak today to a different society and culture, still with great meaning and intent.
Our nation is not perfect, nor will it ever be. Our institutions and national ethos has always recognized imperfection and has in place the opportunity to constantly become less imperfect. Criticizing those who created those foundations for their actions not fully matching their words ignores the words they chose to die for established a vision we shall constantly strive, as a nation and world, to fulfill.
Our nation is not perfect, but it is the least imperfect of any nation in history.
God Bless America, and each of you, on this Independence Day weekend and every day; we are blessed to live in the freest nation ever created.
Have a great week,
Dennis
Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog
