Idiots, Drummers, and Summer Rates
I’m happy to announce that today’s blog is 100% gluten free. Enjoy!
Idiot Quote of the Day: “As usual, there is a great woman behind every idiot.” – John Lennon (Barry’s Blog side note: That might be true but I’m still not a fan of Yoko Ono.)
Did’ja Know: Closing a credit card account in full will have a negative impact on your credit score because it will look like less institutions are granting you credit. (Length of history on an account makes up 15% of your credit score)
Wuss’up This Week: Every day reports about our economy are released into the wild that can sway interest rates in either direction. Today we’ve got Durable Goods Orders (*these are big ticket items that last more than 4 years, i.e. refrigerators, airplanes, and my oldest pair boxers that I bought at Target, etc.), the Q1 GDP (this is a measure of US economic production which I anticipate will be lower than expected because it took me over an hour to come up with the Target boxers joke and it wasn’t even that good), and tomorrow Weekly Jobless Claims. On Friday the U. of Michigan Consumer Sentiment Report which is a measure of consumers’ willingness to spend. Any weak numbers in these reports can lead to lower rates, and vice-versa if the numbers come out better than expected.
Interest rates tend to climb before holidays (see July 4th…) but for now remain stable. A 30yr fixed is around 4.50-4.875% with adjustable rate mortgages slightly lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you can drum just like an 8-year old girl.
Don’t Forget to Remember: Any loan that closes with me between now and July 31st will get $500 waived off of the closing costs. Grab yourself a cup of instant karma and pass this info along to any friends, family, coworkers, or co-slackers.
Idiot Quote of the Day 2: “I know people say, “Don’t bring a knife to a gun fight,” but if there’s an unsliced cake at this fight, we’re all going to look like idiots.” – @rolldiggity
Just a note that Barry’s Blog is taking off next week for the 4th of July. I wish everyone a fun and safe holiday filled with fireworks, parades, and hot dog eating contests. Just be careful because sometimes those hot dogs will turn on you.
Timeout for Trivia: Congrats to those who last week guessed Nicole Kidman. Want to be entered into a drawing to win a bag of Earthworm Jerky? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date back in 1994 that our band became the first major band to let fans download a full new track free from the internet. We formed in Boston in the early 1970s and have been a mainstay in rock ever since, but there have been slumps. From 1980-1986 we did not have a hit record until our run-in with a rap band. Aside from the radio you may have seen us on TV (1990 on an episode of SNL/ Wayne’s World, and again in 1991 when we appeared on the Simpsons/Flaming Moe’s). We never made it to the big screen but our lead singer’s daughter has – you might’ve seen her in That Thing You Do!, the Lord of the Rings trilogy, and The Incredible Hulk to name a few.”