If You Can’t Stand the Heat…
Hell Quote of the Day:“Go to heaven for the climate, hell for the company.” – Mark Twain
You know what makes my stomach turn more than the five hour D that I got in my college Geology class? Rates going up. It’s been an almost three-month climb, and the Wall Street Journal reports that they think it will go to the mid-6s before it’s all said and done.
To be honest with you though the mid-6s ain’t that bad, Mortgage Fans. In a healthy economy, that’s about where they should be sitting. In 1980 they were at 18% which is the equivalent of a five hour F in geology.
Rates today are in the mid-to-upper 4s for 30-yr fixed with ARM rates lower but all over the place. Don’t forget to remember: For any purchase or refinance loan over $240k I will waive all lender fees – a $1,295 savings! Be a hero and pass this email onto someone who can use this break.
Wuss’up This Week: The Fed Minutes are released at 1:00 today, which detail the last Fed meeting. Seven out of ten times whatever they say will be bad for rates even if they are good for rates. Hope that makes sense to you because it doesn’t to me. Tomorrow we’ve got Weekly Jobless Claims (expected at 325k), and on Friday New Home Sales (expected at 456k) and my Visa bill (expected at 6k). Any numbers weaker than predicted is good for interest rates.
My favorite photo of the year so far .
Hell Quote of the Day 2: “Apparently if someone has a seizure in the bathtub it’s in bad taste to throw your laundry in… yep. Going to hell right here.” – @douchekevin
Timeout for Trivia: Congrats to those who guessed Charlize Theron last week. Want to be entered into a drawing to win a piñata snow globe? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Yes, I am turning 57 today but I’m still as sexy as I was back in 1982 when they called me Lassie in the locker room. Yes, I sleep around a lot in the movies. You’ll never hear a guy say I lay there like a mannequin. I’m a self-proclaimed ‘try-sexual’, my three girlfriends would agree.”