Banks, Billionaires, and Rates
Five Quote of the Day: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently.” – Warren Buffett (*while I’m thinking of his last name here’s a good life lesson for you: If you want to feel good about yourself try to save money like Warren Buffett, admire the music of Jimmy Buffett, and stay away from the Golden Corral buffet.)
Today in Economic History: It was on this day in 1942 our government – due to rationing – asked the American people to forgo coffee to help the war effort. (*had no idea that bullets were made out of coffee beans! Yes, I’m joking – but wars would be more tolerable if it smelled like Folgers every time there was a gunshot).
Wuss’up This Week: Every day reports about our economy are released into the wild, and these reports can sway interest rates in either direction. Today Fed Chief Janet Yellen will testify on the economic outlook (*with her term coming to an end I wonder if senioritis will be kicking in), tomorrow Jobless Claims, and Construction Spending on Friday. If these reports come in better than expected you’ll see rates drift upwards, and vice-versa if the numbers come in weak.
For now interest rates seem content to ride the year out without changing much. A 30-year fixed remains in the high-3s/low-4s, with ARM rates about a half a point lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you can make billions in 20 minutes.
Don’t Forget to Remember: Any purchase or refinance loan over $240k I will waive HALF the lender fees – an $895 savings! Grab yourself a cup of instant karma and pass this info onto any friends, family, coworkers, or people needing to know mind-blowing facts that can use this gift.
Five Quote of the Day 2: “I bet Abe Lincoln only paid with $5 bills, then as the cashier’s face lit up he’d smugly grin “yep.” “ – @sweet_toof
Timeout for Trivia: Congrats to those who guessed Kathy Bates on the Thanksgiving blog. Want to be entered into a drawing to win a Creepy Chewing Coin Bank? Simply email me the answer to this week’s Who Am I? trivia question. Good luck: “It’s my birthday today and here’s the deal: For laughs I used to be known for putting a prop over my head and nose but gave it up because doctors told me I had a perforated sinus. Now I don’t even put hats on my head (gross), and I’m one of the few people that shaves my head even though I don’t have to. I just went on Seth Meyers’ talk show and told him I am legally blind, which means to do my job it must take a lot of talent!”