Great Movies, Mediocre Rates, and Small Donuts
Explaining Quote of the Day: “Politics is the ability to foretell what is going to happen tomorrow, next week, next month, and next year. And to have the ability afterwards to explain why it didn’t happen.” – Winston Churchill
This Week in Economic History: It was on this day in 1914 that Paramount Pictures was formed. Paramount has made some great movies (The Godfather (1972), Raiders of the Lost Ark (1981), and Top Gun (1981) to name a few. This studio was one of many companies that formed the movie industry centered in Hollywood. With that said, Paramount has also made some horrific movies (although I’m unsure why Flashdance is on this list – it was one of those movies that was so bad it ended up being good).
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Today we’ve got the Producer Price Index (this is an indication if inflation pressures (which BTW – my pants are feeling inflation pressures today after last night’s huge dinner followed by the 9:00pm bowl of Frosted Flakes). Tomorrow the Consumer Price Index (also measures inflation), followed by Weekly Jobless Claims, and on Friday the U of Michigan Consumer Sentiment Report (which is an indication of consumers’ willingness to spend, i.e. the new pants with bigger waist I will buy today). If these reports show positive signs for the economy rates will trend up, and vice-versa for bad numbers.
What do interest rates have in common with my freshman year girlfriend? You think they’re stable but in reality, they are not. Then they will break up with you on a cold, rainy, October morning. Wait… I didn’t mean for that last sentence to be in there, please disregard. You’ll find 30yr fixed rates in the mid-to-upper 4s with adjustable rate mortgages about .25-.375% lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you know how to make mini donuts.
Don’t Forget to Remember: I’m running my Siete de Mayo Special! Any purchase or refinance loan between now and July 31st I will waive the appraisal fee – a $500 savings. Grab yourself a cup of instant karma and pass my info onto any friends, family, coworkers or false-fact believers that can use this gift.
Explaining Quote of the Day 2: “I spent the last hour molding a little man out of Starbursts and now I have to explain to him about death.” – @sucittaM
Timeout for Trivia: Congrats to those who last week guessed Dwayne ‘The Rock’ Johnson. Want to be entered into a drawing to win a Fruity Pebbles T-Shirt (*warning: could be one of the ugliest T-shirts I’ve ever offered for a prize). Simply email me the answer to this week’s Who Am I? question. Good luck: “You gonna sing me happy birthday today or do I have to do it? No worries, I can do it – I’m no stranger to music, and you’ve heard my hits. There was one song I wrote – it’s the only time I came up with the lyrics before the music – that some high school history teachers have played it for their classes. Another song I wrote had my wife in the video with me – you might remember her from some magazine covers she’s appeared on.”