Columbus, Castanza, and Wayne
Inspirational Quote of the Day
“If Columbus had turned back, no one would have blamed him. Of course, no one would have remembered him either.” – source unknown.
How Low Can You Go
Last week Fed Chief Ben Bernanke announced that he has decided to extend and gradually phase out its purchase of mortgage-backed securities through early next year. This is great for rates – as he was expected to phase this out much earlier. But it is also a sign that the economy, like the Chicago Cubs, remains fragile but headed in the right direction.
Still low! A 30yr fixed is in the high 4s/low 5s, and a 5yr ARM remains in the high 3s/ low 4s. Remember, rates vary based on credit scores, type of home, and equity in the home.
Inspirational Quote of the Day 2
“I once thought I had mono for a whole year. Turns out I was just really bored.” – Wayne Campbell (Mike Myers), Wayne’s World, 1992.
Hopefully not unemployment. This Friday the employment report comes out (this is released the first Friday of every month). 188k new people are expected to be filing for unemployment in September, with the unemployment rate up to 9.8%. These numbers affect the interest rates as well as the mood of the economy. Will it be a TGIF? I don’t know, but regardless of the report – it may be best to BYOB.
Timeout for Trivia
Congrats go out for the few of you who guessed Jason Alexander (aka George Castanza) as the correct answer in last week’s blog. Want to win a $5.00 Starbucks gift card? Simply be one of the first ten to answer this week’s Who am I? question. Good luck: “I turn 48 today. I’ve dabbled in television (I once played Helen Hunt’s ex-boyfriend in Mad About You) and movies (had a really small part as a stoner in one of Barry’s favorite movies Fast Times at Ridgemont High). I got noticed in the mid-80s from two movies. In one movie I played Rocky – not the Rocky you are thinking of – although it did look like my face took a beating. I looked much better in the 1987 film John Hughes wrote and directed about a kid that gets the hottest girl in school to go on a date with him.”