Feet Quote of the Day: “Keep your feet on the ground and keep reaching for the stars.” – Casey Kasem
Wuss’up Last Week: Last week the Fed announced they would try to keep rates low through 2014. “Try” being the key word (i.e. I’ve tried to quit my habit of eating Apple Jacks for dinner without much success), as there are so many factors into what moves the rates up and down. Factors like…
Wuss’up This Week: All eyes will be on the three employment reports that come out this week. The biggie will be the government’s report that is released on Friday morning which is expected to show the unemployment rate to remain at 8.5% with 125k new jobs created. Anything worse than this will rally rates to drop, and of course, anything better will make rates go up.
Interest Rate Update: Still beautiful, Mortgage Fans. A 30yr fixed is in the high 3s/ low 4s with ARMs about a point lower. Don’t forget to tell your friends, family, coworkers, and coslackers that for any loan over $240k I will waive all lender fees on purchases and refinances – this is over $1,000 savings!
Feet Quote of the Day: “Flip-flops are fun because every time you take a step it’s like a high-five to your feet.” – @CandyWarhole
Timeout for Trivia: Congrats to those who guessed Gene Hackman as last week’s answer. Want to be entered into a drawing to win Pledge furniture spray? Simply email me the answer to this week’s Who Am I? question. Good luck: “I turn 58 tomorrow. The lyrics I bet she’s never had a backstreet guy is untrue. I was married to that guy, and he was backstreet in his youth and in the video. I’ve been married 3 times, although never to Chevy Chase who might say I projected a ‘my way or the highway’ attitude with him.”
I want my MTV.
Privacy Quote of the Day: “A career is born in public, talent in privacy.” – Marilyn Monroe
Wuss’up This Week: Last week we saw rates creep the wrong direction as inflation fears kicked in (again) and the weekly job data wasn’t as bad as expected. This week? We’ve got a ton of reports coming out that can sway rates in either direction. The biggies are today’s 5-Year Treasury Note Auction, tomorrow’s Weekly Jobless Claims, and Friday’s Q3 Advance GDP, which is a report that measures US economic production (which, if measuring my production, will come out low as I spent the morning doing the puzzle on the back of my Lucky Charms cereal box).
Interest Rate Update: While they are not at the all-time low, they are only a shade above it. The 30yr fixed remains around 4.0% with ARM rates about a point lower. Don’t forget: any refinance or purchase loans over $240k I will waive all lender fees – a $1,200 savings! Also, if I get my weight down from 176 to 172 I will waive all appraisal fees too (although as hinted above the Lucky Charms diet may have people paying for their own appraisals for the rest of the year).
Privacy Quote of the Day 2: “The Kardashian family asks that you respect Kim’s privacy during this difficult time and wait until they finish editing the divorce special.” – Wade (@WadetoBlack)
Timeout for Trivia: Congrats to those who guessed Lisa Marie Presley as last week’s answer. Want to be entered into a drawing to win a 16oz container of Philadelphia cream cheese? Simply email me the answer to this week’s Who Am I? question. Good luck: “On Monday this Hoosier turns 82. Why didn’t NBC call me to star in The Firm, who cares if I died in it? I don’t need the work though, and as long as Grisham keeps writing books I’ll keep starring in the movie versions (like the one with Cusack).”
Happy Birthday shout out to the 4th greatest guy in the history of this planet – my brother Billy (ranking only behind only my dad, Abraham Lincoln, and Spiderman).
Rest in Peace Hostess brand cupcakes and Twinkies.
Swimming Quote of the Day: “Don’t wait for your ship to come in – swim out to it.” – Author Unknown
Wuss’Up This Week: The Euro debt crisis continues to help rates improve. Last week, S&P credit-rating downgrade rumors for France helped rates, as investors continued to find homes for their money in US bonds (Side note: By ‘US bonds” I mean our financial notes, not the rhythm and blues singer Gary U.S. Bonds). Besides France, we will also most likely see downgrades to Spain, Portugal, and Italy. Meanwhile, here in the states we have two report biggies this week that can sway interest rates in either direction. Tomorrow’s Consumer Price Index (a measure of inflation) and 10-year Treasury TIPS Auction can drive rates up or down.
Interest Rate Update: The 30-yr fixed rates have been fluctuating in the high 3s/low 4s with ARM rates about a point lower. Don’t forget that rates vary based on credit score, type of home, equity in the home, and the Packers being eliminated from the playoffs – yeeehaaa! Also a reminder: for any loan over $240k I will waive all lender fees, which is a $1,295 savings. Yeeehaaa again.
Swimming Quote of the Day 2: “My mom said she learned how to swim when someone took her out in the lake and threw her off the boat. I said, ‘Mom, they weren’t trying to teach you how to swim.’” – Paula Poundstone (comedian)
Timeout for Trivia: Congrats to those who guessed Kirstie Alley as last week’s answer. Want to be entered into a drawing to win a Slinky? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “It was on this date in 1996 that I filed for divorce from my singer husband. Would my father (a king) have approved of this marriage (to another king)? The marriage didn’t last too long, but it was a helluva lot longer than my 108-day marriage to a guy who once lost his fiancé in a Vegas card game.”
Superman Quote of the Day: “You don’t tug on Superman’s cape, you don’t spit into the wind…” – Jim Croce, “Don’t Mess Around With Jim,” (1972)
Wuss’Up This Week: Lots of important data being released this week, which can influence interest rates. Today we have the 10-year Treasury Note Auction, which will provide an indication of foreign appetite for US debt. My prediction, you ask? Our debt is the lesser of two evils compared to debt overseas, so hopefully there will be strong demand that will drive rates down. Tomorrow’s biggest report is Retail Sales which is expected to be up 0.2% (Note: I just bought 20 pairs of new Fruit of the Loom boxers so I predict it will be up 0.3%). For this report, an increase of more than 0.2% will likely make rates tick higher. And where are rates?
Interest Rate Update: Interest rates are still really strong, Mortgage Fans. A 30-yr fixed hovers around 4% (give or take on a good or bad day) with ARM rates about a point lower. As usual, don’t forget to tell your friends, family, and coworkers (even the annoying ones) that for any purchase or refinance loan over $240k I will waive all lender fees! This is a $1,295 savings, which would buy a TON of Fruit of the Loom stuff.
Superman Quote of the Day 2: “I’m normally not a praying man, but if you’re up there, please save me, Superman.” – Homer Simpson
Timeout for Trivia: Congrats to those who guessed Bradley Cooper as last week’s answer. Want to be entered into a drawing to win a Saved by the Bell coffee mug? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “I turn 61 tomorrow. In 1989 I gave birth to Bruce Willis, and some say I never lost my pregnancy weight. Two years before that you would’ve raised your glass to me when I replaced an actress who left a successful sitcom for a (non-existent) movie career.”
Enjoy the best two minutes of your day.
New Year Quote of the Day: “Cheers to a new year and another chance for us to get it right.” – Oprah Winfrey
Wuss’Up This Week: Three reports about employment are released this week with tomorrow’s Weekly Jobless Claims and ADP’s Employment Report, and Friday’s Employment Report. Friday’s is the most important as it can sway rates the most of the three reports. Payrolls are expected to be up by 115k and unemployment is predicted at 8.8%. In completely unrelated news I won the Nintendo Tecmo Bowl Super Bowl using the 1991 Bears on New Year’s Eve. No one in my house seems to care so I’m using this forum to brag about it.
Wuss’Up This Year: In her 1976 hit “Mahogany” Diana Ross sang, “Do you know where rates are going to?” It’s still a great question today. Nobody knows what will happen in 2012 but here is what we do know: Interest rates will remain volatile until the economy gains some stability. It is possible for rates to go down more as the Fed still wants to keep rates relatively low, but the Fed is like Oz – all-powerful in appearance and, uh, pay no attention to that man behind the curtain. He only has so much power, Mortgage Fans. 90% of the rates we see are determined by the supply and demand of mortgage-backed securities. So…I’m not going out on a limb here but I think at its lowest we’ll see 3.75% on a 30-yr fixed and maybe 5.25% on the high end.
Dates to Remember: March 15th – the day most banks will (supposedly) hop onto the HARP 2.0 bandwagon. This is a program that will let people refinance even though their homes are underwater (I’m one of them!). Be sure to contact me that week if you are interested. Also, May 24th – my birthday. You’ve got 142 shopping days left; don’t wait until the last minute.
New Year Quote of the Day 2: “Now there are more overweight people in America than average-weight people. So overweight people are now average…which means, you have met your New Year’s resolution.” – Jay Leno
Timeout for Trivia: Congrats to all who guessed Jennifer Beals as last week’s answer. Want to be entered into a drawing to win a box of strawberry-flavored Pop Rocks? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Tomorrow I turn 37. Stay away from my girl, Owen Wilson – if that’s really who you say you are! Just kidding – I’m not mean in real life like I was in that movie. In real life I like people and People likes me. But Vegas and Mike Tyson do not like me.”
PERL Mortgage is an Illinois residential mortgage licensee (MB0004358) and equal housing lender.
