’78 Oscars, Rates below 5, and Oxy at 10

June 30, 2010

Good morning!

Experience Quote of the Day: “Experience is the name everyone gives to their mistakes.” – Oscar Wilde

Wuss’up This Week: The biggest economic report comes out this Friday: Employment. An increase in unemployment (which currently stands at 9.7%) should, in theory, lead to lower rates. Other reports that can sway rates this week are Factory Orders (a measure of manufacturing sector strength; weakness may lead to lower rates) and Oxy Friday (Just bought some Oxy 10 cover-up. Hard to believe I’m 25 years removed from high school and I still get acne). If it cleans up my face it could lead to a better mood which equals lower rates.

Speaking of Rates… Still ungodly low. For the 5th consecutive week the 30yr fixed remains below 5% and ARMS about a point lower. Remember – ARMS are not just for hugging and nukes. They also serve a purpose of giving you a low rate for a shorter fixed period. If you are 99% sure you are going to sell your home in the next 5-7 years you should think about getting an ARM to save some money. As usual, any refinance with me is free when the loan is over 240k. Please spread the love and let your family, friends, enemies, and coworkers know about that purchase/refinance special.

Experience Quote of the Day 2: (on why he was turned down for the part of Goofy) “They went with someone who had more theme-park experience.” – Rob (Ron Livingston, Swingers 1996).

Timeout for Trivia: Congrats to all who correctly guessed Cyndi Lauper as the answer to last week’s trivia. Want to be entered into a drawing to win weekly prizes? (this week: box of Swiss Miss hot chocolate with mini marshmallows). Simply email me the answer to this week’s Who Am I? question. Good luck: “I turned 66 yesterday and it’s amazing I’m still alive. Drugs and motorcycle wrecks have impaired me somewhat throughout my life; a life that includes a ’78 Oscar nomination for Best Actor when I played a guy whose musical career went down in flames. Playing bad guys like in Under Siege and Lethal Weapon is fun for me, but Hollywood should’ve called me to play Seabiscuit because of my big horse teeth! Well, I think my acting career is done anyway unless you count reality rehab shows.”

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