Clubs, Monkeys, and Rates
Club Quote of the Day: “The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.” – Babe Ruth
This Week in Economic History: It was on this day in 2013 that Detroit, Michigan filed for bankruptcy, becoming the largest US municipal bankruptcy ever at $18.5 billion. (*this reminds me in 2009 the Silverdome (where the Lions played as well as the Pistons for a time) – an 80,000 seat domed arena – went up for sale for $500k. I thought how can a domed stadium be so cheap! Glad I abandoned any thoughts of buying it.)
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can away interest rates in either direction. Today we’ve got Producer Price Index (expected: up 0.4% ) – this is a report that measures inflationary pressures at the producer level. Tomorrow Consumer Price Index (expected: up 0.2%) – same report except on the consumer level. On Friday we have the U of Michigan Consumer Sentiment Report which is an indication of consumers’ willingness to spend. If these reports come in good for the economy expect rates to tick up, and vice-versa if the reports come in weak.
Interest rates haven’t moved much in the last few weeks. You’ll find a 30yr fixed in the mid-4s with ARM rates about a quarter lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you enjoy monkey reunion videos.
Don’t Forget to Remember: Any purchase or refinance loans between now and July 31st I will waive $500 in lender fees. Grab yourself a cup of instant karma and pass my info to any friends, family, coworkers, or migraine sufferers that can use this gift.
Club Quote of the Day 2: “Flashing my Costco card at the lady at the entrance is the closest I’ll ever get to feeling like I’m on the VIP list at the clubs.” – @ZakAttack34
Timeout for Trivia: Congrats to those who guessed Jerry Garcia last week. Want to be entered into a drawing to win a Progressive Insurance T-shirt with Flo’s face on it? (okay, I know it’s lame but not every prize is going to be a winner, Mortgage Fans. This is the time for us to band together and offer each other support to get past this week’s prize). Simply email me the answer to this week’s Who Am I? question. Good luck: “Yesterday was my birthday and I’m happy to announce that the Guinness Book of World Records gave me the record as The Most Watched Man on TV. How cool is it that you can take one of the words in that record and combine it with a famous movie director’s last name (hint: he likes to blow up stuff) to come up with the past-tense title of my hit TV show. Had another hit show before that one (from ’82-’86) where my co-star was never going to win any kind of Best Actor award unless Jiffy Lube was presenting it.”