Necessity is the Mother…
Invention Quote of the Day: “Doubt is the father of invention.” – Galileo
My parents used to crank this song on full blast when I was growing up, and the lyrics keep swimming in my head when I think about what happened to interest rates last week. The Employment Report crushed expectations which was great for the economy but bad for rates.
So are there any reports coming out this week that can bring rates back down? None are as big as last week’s Employment Report but some being released this week might still shake things up. In particular we have tomorrow’s PPI (producer price index), Friday’s CPI (consumer price index), and tonight’s CSI (Crime Scene Investigation – airs tonight on CBS). The PPI and CPI measure inflation at the producer and consumer level. If these reports come in lower than expected rates may drop.
Interest rates for a 30-year fixed are in the mid-to-upper 3s with ARM rates about a point lower. Don’t forget that rates can fluctuate depending on credit score, type of home, equity in the home, and how the home is decorated.
Invention Quote of the Day 2: “I just ordered a party hat for my cat over the internet while flying on a plane at 35,000 feet. We should really stop inventing stuff.” – “Burnie Burns” (@burnie)
Stop inventing stuff?? No way – not when there are apps for number 8 on this list!
Cool palindrome winners.
Timeout for Trivia: Congrats to those who guessed Tom Arnold last week. Want to be entered into a drawing to win a map of the stars’ homes? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “On Friday I legally turn 37, and by law I can make my hair any color I want. In 1999 I starred in a film where I tormented Matthew Broderick (ranked # 9 on Entertainment Weekly’s list of 50 Best High School Movies). In 2004 I won my Best Actress Oscar for playing the wife of a Man in Black. And I’d have to say I’m a fan of the candy E.T likes to eat.”