Hearing Quote of the Day: “Hear one side and you will be in the dark. Hear both sides and all will be clear.” – Lord Chesterfield (British Statesman)
Lord Chesterfield? That’s kind of a cool name. From now on please address me as Lord Barry, Lord of all Mortgages.
Wuss’up This Week: What would a week be with not one, not two…but three reports on employment?! Crazy, right? The ADP employment report comes out today, the Weekly Jobless Claims comes out on Thursday and the biggest of the three – the Monthly Employment Report – is released on Friday. Any weakness in these reports will bring rates down. Any positives will most definitely cause rates to go up. Also on Wednesday the Fed Meeting adjourns, which is not itself a big deal…but any statement that Fed Chairman Ben Bernanke makes about what happened in that meeting will be a big deal, and can affect the direction of rates. He will talk about interest rates, the economy, and how the Subway “$5 Footlong” sandwich song is annoying and he can’t get it out of his head.
Interest Rate Update: After a horrendous 8-day stretch that brought 30-yr fixed rates up to the mid-4s, they are starting to trend down again. You’ll find rates in the low 4s with ARMs about a point lower. Don’t forget that rates are determined by type of home, equity in the home, credit score, and number of Kit-Kats you scored on Halloween. Also be sure to tell everyone you know that for any loan over $220k I will waive all lender fees (a $1,100 savings, Mortgage Fans!)
Hearing Quote of the Day 2: “Now from what I hear, you’re using your paper not for writing but for rolling doobies! You’re gonna be doing a lot of doobie rolling when you’re living in a van down by the river!” – Matt Foley, Motivational Speaker (Chris Farley, SNL)
Timeout for Trivia: Congrats to those who correctly guessed Mariah Carey last week. Want to be entered into a drawing to win a Fruit of the Loom T-shirt? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Tomorrow I turn 59. My TV sitcom ran from ’88-’97. In it I was married to a guy that starred in Sea of Love, and together we were the biggest marriage on TV. I’m not just an actor though – I can sing too, even though singing makes me want to spit and grab my crotch. What can I say, people think I’m nuts (me, not my new show).”