Happily Ever After?
Happiness Quote of the Day: “If you want to live a happy life, tie it to a goal, not to people or things.” – Albert Einstein
Wuss’up This Week: Last week Fed Chairman Bernanke acknowledged in his press conference that the economy – like my diet – had hit a “soft patch,” and that he expects to see unemployment remain – like my weight – “elevated” for years. So what does that mean when it comes to mortgage rates? I guess the only good news we can take from his words are that rates should stay low as long as unemployment is high. What can swing rates in the short term, you ask? On Friday we have two reports being released: U of Michigan Consumer Sentiment (this is an indication of consumers’ willingness to spend) and the ISM Index (a measure of manufacturer sentiment). A weakness in both of these reports will lead to lower rates.
Interest Rate Update: 30-year fixed rates remain in the mid-4s with ARMs about a point lower. As usual, rates vary based on type of home, equity in the home, credit score, and whether I win my $50 Cubs/Sox bet with that dude in my office.
And Don’t Forget…: For any loan over $240k I can waive all lender fees! This is for purchases as well as refinances. Please be sure to forward this email to any friends, family, and coworkers.
Happiness Quote of the Day 2: “Why can’t you be happy for me, and then go home and talk about me behind my back like a normal person?” – Lillian (Maya Rudolph), Bridesmaids (2011)
Timeout for Trivia: Congrats to those of you who guessed Michael Gross as last week’s answer. Want to be entered into a drawing to win a $10 Starbucks gift card (I know, a real prize this time!)? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “I turned 63 yesterday. Were they short on actors in 1978? I appeared on The Love Boat three different times that year (and geez, you would think I would never get near a boat again after what happened in 1912). In ’84 I played a prison inmate on All My Children…but I was innocent! But maybe I wasn’t quite so innocent in the 1990 movie for which I won the Best Actress Oscar. Yep, you might be a fan of mine, but you wouldn’t want me to be a fan of yours, especially not your number one fan.”