Idea Quote of the Day:“Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt
It’s hard for rates to go down when the Dow is doing so well. (I’m taking about the stock market ‘dow’, not Tony Dow who played Beaver’s brother). It’s at the 15,000 mark now and while experts say there should be a downfall it just hasn’t happened yet. So…
Rates remain higher than where they’ve been but they are still super attractive. A 30-year fixed remains in the mid-3s with ARM rates about a point lower. Now is a good time to refinance to an ARM if you are only going to stay in your place another 1-5 years. What’s that? You don’t want to pay fees, you say? Okay; for any purchase or refinance loan over $240k I will waive all lender fees – a $1,295 savings! Please tell your family, friends, coworkers, Cubs fans…and okay, even Sox fans too – that this deal won’t last forever.
Wuss’up This Week: We’ve got a busy week with economic reports being released that can move interest rates in either direction. Today we have Capacity Utilization, which is expected to come in at 78.3%. A figure above 85% is viewed as inflation. Inflation to rates is like Kryptonite to Superman (that sort of sounded like an ACT question, didn’t it? Actually, I would’ve gone to Harvard if they were all like that). Tomorrow we have Weekly Jobless Claims (expected at 335k) and Consumer Price Index (CPI), which is expected up 0.1%. The CPI is also a measure of inflation. Tomorrow we have BPI (Barry’s Pants Index) – expected waist size 34 – which is also a measure of inflation.
“Did’ja Know: Zimbabwe has the worst inflation in the world at 6.5 sextillion percent! (my son would giggle at that word ‘sextillion’ – ahh, the joys of parenthood). Want to know nine other interesting facts about money?
Idea Quote of the Day 2:“I admit I thought cloning Wanda Sykes 10,000 times was a dumb idea, but it looks like the TSA managed to hire all of them.” – Eli Braden (@EliBraden)
Timeout for Trivia: Congrats to those who guessed Melissa Gilbert last week. Want to be entered into a drawing to win a Chaka Khan mousepad? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Later this week I turn 43. Those arms on the cover of that book are not real, but the scar is. Outside of those two things you might find me beautiful (#80 on Maxim’s Hot List in 2002, and one of People Magazine’s Most Beautiful People in 2003, 2007, 2008, and 2009) or you might find me funny (see SNL and presidential elections), but you won’t find me to be mean – although I did write and star in a movie about high school cliques.”