Avoid Like The Plague
Disease Quote of the Day: “One of the greatest diseases is to be nobody to anybody.” – Mother Teresa
Wuss’Up This Week: Last week we saw rates tick up due to the positive employment report that came out on Friday (243,000 new jobs and unemployment down to 8.3%). Both today’s auction for 10-year Treasury Notes and tomorrow’s auction for 30-year Treasury Bonds will be big factors on where rates go this week, because they will both determine the current appetite of foreign investors looking for debt security. If the interest in the auctions is weak, the rates are most likely to move in the wrong direction.
Interest Rate Update: Rates are still glorious, Mortgage Fans. A 30-year fixed rate remains in the high 3s/low 4s, and ARM rates are about a point lower. Remember: Do not believe everything you read (a lesson I learned with Green Eggs and Ham, which are actually kind of gross). A lot of articles will say the national average for rates is at 3.70% but what those articles don’t mention is that to get that rate you need to pay an average of 1.5% in points/closing costs.
Feet Quote of the Day 2: “I can’t believe Lou Gehrig’s parents named him after a DISEASE!” – Megan Amram (@Meganamram)
Timeout for Trivia: Congrats to those of you who guessed Christie Brinkley as last week’s answer. Want to be entered into a drawing to win a Nerf football? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Yesterday I turned 34, so yeah – I was alive for part of the ’70s. I’m a model and an actor, and I’m single again. Now I might say, ‘Dude, where’s my wife,’ but being divorced does not make me half a man.”
Meet one of my heroes: Whenever the words “Ripley’s Believe it or Not” and “Gum” are mentioned in the same sentence you know there’s something magical in the air.