“Highs” and Lows
Drug Quote of the Day: “Drugs are a waste of time. They destroy your memory and your self-respect and everything that goes along with your self-esteem.” – Kurt Cobain (musician)
Wuss’up This Week: Rates ticked up last week, which pushed rates slightly higher. What will affect rates this week, Mortgage Fans? Today the Fed “Beige Book” is released – this is a book that details current economic conditions (I’ll wait for the movie, thank you), and on Friday two second quarter reports are released: Advance GDP (a measure of US economic production) and Employment Cost Index (a measure of wage inflation). Weakness in any of these reports will lead to lower rates.
Interest Rate Update: 30-year fixed rates remain in the mid-to-high 4s with ARM rates about a point lower. Don’t forget to let your friends, family, and coworkers know that for any loan over $240k I will waive all lender fees (a $1,200 savings!) – this goes for any purchase or refinance. Also, for those of you thinking of selling your starter homes in the next couple of years – this would be a great time to refinance to an ARM and save some big bucks.
Drug Quote of the Day 2: “Hugs are great, but – better than drugs? Come on. Let me put it to you this way: I never drove to Harlem at 4 A.M to get somebody to hug me.” – Artie Lang (comedian)
Timeout for Trivia: Congrats to all who guessed Woody Harrelson as last week’s answer. Want to be entered into a drawing to win a jar of Vaseline? Simply email me the correct answer to this week’s “Who Am I?” question. Good luck: “I’m looking at a Post-It note that tells me I turn 48 in a few days. Thirty years since I graduated high school? Wow! What would I tell my friends at my high-school reunion? Maybe I’d tell them I played a massage therapist in two different sitcoms. Or how I live in New York with my husband and son – but no pets (they stink). Although I do have a friend that’s a cougar.”
After all these years… I still have a crush on Martha Quinn.