Burning a Hole in Your Pocket

Spending Quote of the Day: “Advertising is the art of convincing people to spend money they don’t have for something they don’t need.” – Will Rogers (1875-1935)

Wuss’up This Week: This is a huge week for economic reports that can sway rates. Today we have the ADP Employment report (expected number 125k), Weekly Jobless Claims (360k) on Thursday, and July’s Employment Numbers on Friday, which is the biggest of them all. Payrolls are expected to be up by $82k. Tomorrow we also have the men’s Olympic Canoe Slalom race which can drive rates up or down. Speaking of rates…

Interest Rate Update: For the first time in weeks the rates ticked upwards on economic reports that all pointed to a recovering economy. (Weekly jobless claims, durable goods orders, consumer sentiment, and the Bears first mini-camp all opened better than expected). However, this uptick should bother no one as it’s equivalent to Gisele Bündchen gaining a pound. Rates on 30-year fixed loans remain in the mid-3s with ARM rates about a point lower. As usual, please let your friends, family, coworkers, and co-slackers know that for any loan over $240k I will waive all lender fees – a $1,295 savings, Mortgage Fans!

Spending Quote of the Day 2: “It would be nice to spend billions on schools and roads, but right now that money is desperately needed for political ads.” – Andy Borowitz (via Twitter)

Timeout for Trivia: Congrats to those who guessed Kevin Spacey last week. Want to be entered into a drawing to win a Nerf Gun (similar to the one the O’Hare security people made my son throw away)? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “It was on this day in 1991 that a movie I starred in hit number one at the box office (although I’m sure no one from PETA cared to see it). A year before that I was in a John Hughes movie where I co-starred with a guy that always seems to be playing a mobster. We starred in the sequel too but not the 3rd one. How many times can you learn crime against little kids doesn’t pay?”

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