“And You Are…?”
Name Quote of the Day: “Words have meaning and names have power.” – Author unknown (I found this in a fortune cookie earlier this week)
Wuss’up This Week: Lots of reports come out that can sway rates for better or worse. Today’s “Beige Book” report is probably the most important and scrutinized. This is a report our friend Ben Bernanke releases that details current economic conditions across the country. Weakness in this report will lead to lower rates. Mirroring this is Thursday’s Leading Economic Indicators report, which is an indication of future economic activity (weakness will lead to lower rates). And on Friday we’ve got the BOMS (Bag of Mini-Snickers) Halloween report. An eating binge on this bag will lead to trouble and unstable rates.
Interest Rate Update: What did last week’s rates have in common with my high school SAT scores? They couldn’t get any lower. At least that was the opinion of the general market, and as a result rates bumped up about .375%. Rates are still beautiful, Mortgage Fans, and it’s always a good time to buy a new home or refinance your existing home. Let your friends, family, and coworkers know that for any loan over $220k I will waive all lender fees. (this is a $1,200 savings!). As it stands now a 30-yr fixed is in the low 4s with ARM rates about a point lower.
Name Quote of the Day 2: “Hawaii. All right, that’s good. That’s hard to trace, I guess. Wait…you changed your name to…’McLovin’?” – Evan (Michael Cera), examining a fake ID, Superbad (2007).
Timeout for Trivia: Congrats to all who guessed Luke Perry as last week’s answer. Want to be entered into a drawing to win an 8-oz bottle of Pepto-Bismol? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “This week I turn 63. I was born in Chicago and I broke into showbiz by getting a job at Second City in ’75 sweeping the floors. I love the Bears just as much as Chris Farley and Mike Myers, but they can’t compete with me for my love of beers. You still don’t know my name? Come on, I can’t give any more hints except to say everyone knows it.”