A Stroke of Genius!
Good Idea Quote of the Day: “Get a good idea and stay with it. Dog it, and work at it until it’s done right.” – Walt Whitman (poet, 1819-1892)
Wuss’up This Week: Well, before I get to this week let’s go over last week’s economic data: Thursday’s unemployment reports showed the jobless rate increase while jobless claims decreased. Huh? Sometimes there is no logic with these reports (that’s the same thing my English teacher used to say about my book reports). Regardless, the old rule of thumb still holds true: Reports that are good for the economy drive rates up, and negative news drives rates down. This week we’ve got a lot going on: today’s 10-year Treasury Note Auction (strong demand leads to lower rates), Retail Sales on Thursday (should be good – just bought four shirts at Old Navy), the Consumer Price Index (CPI) on Friday, and the University of Michigan Consumer Sentiment Index, also on Friday.
Interest Rate Update: 30-year fixed rates are strong – high 4s, give or take, with ARM rates about a point lower. As usual, rates vary based on credit score, type of home, equity in the home, and whether or not Ralph Macchio wins Dancing With the Stars (which would be slightly less of an upset than when he beat Johnny Lawrence in The Karate Kid). And don’t forget, Mortgage Fans, that May is National Refinance Month: For any loan over 240k, I will waive all lender fees.
Good Idea Quote of the Day 2: “I hope if dogs ever take over the world, and they choose a king, they don’t just go by size because I bet there are some chihuahuas with some good ideas.” – Jack Handey (Deep Thoughts)
Timeout for Trivia: Congrats to all who knew Bob Seger was last week’s answer. Want to be entered into a drawing to win a 12-pack of Nyquil? Simply email me the correct answer to this week’s “Who Am I?” question. Good luck: “It was on this date in 1983 that I filed for bankruptcy with debts of over a million dollars. How can that be? My most successful record – an album I started in ’72 but that wasn’t released until ’77 – sold over 43 million copies. Maybe that five-year gap was a good thing, since it allowed me to meet Ellen Foley, who sang with me on my biggest hit…a song about two teens getting it on. You don’t like my music? That’s fine. But if you don’t like my name…eat me!”