Olympics and the FDIC
Life Quote of the Day
“Dream as if you’ll live forever, live as if you’ll die today.” – James Dean.
Remain low, but are up from last week. A 30 year fixed is at 5.0% and a 5 year ARM is at 4.25%. As usual, rates will vary based on equity in the home, credit score, and type of property.
Economic reports come out daily that affect interest rates, and this week we’ve got some whoppers (read: important ones, not hamburgers). New Home Sales comes out this morning. Last week Existing Home Sales rose 9.4% – much better than the expected 5.50%. I think we’ll see the same trend with today’s report. On Friday the third quarter Employment Cost Index comes out. This is a report that measures wage inflation – and it’s expected to be up 0.5%. Weaker than 0.5% will lead to lower rates, but more than 0.5% would be a real whopper with cheese (read: It’s only 9:00 AM and I am starving, and kinda grossed out that I’m thinking about fast food this early in the morning).
Bank on It
We may have lost out on the Olympics but we are in the running to become the bank failure champions. Sixteen banks have closed their doors this year in Illinois; only Georgia has more (19). Two years ago the FDIC had about $52 billion in its deposit-insurance fund. Today that fund is broke. I know you’re thinking, ‘WWBD?’ – and the answer is – don’t freak out, Mortgage Fans. Your money is still safe as long as it’s either in a bank that is FDIC insured or somewhere in your mattress.
Death Quote of the Day 2
“When I die, I want to go peacefully like my grandfather did…in his sleep. Not yelling and screaming like the passengers in his car.” – Joey Adams.
Timeout for Trivia
Congrats to all of you last week who guessed Carrie Fischer correctly. Guess the answer to today’s Who Am I? question and you will be entered in a raffle to win a $20.00 gift card. Good luck to all: “I turn 42 today. I get paid big-time for the movies I make now, so it’s hard to believe that in 1990 I was paid only 300k to star in a movie that brought me big-time fame. I only got the part because Molly Ringwald and Meg Ryan – who are both really pretty – passed on it. Looks aren’t everything though. In 1993 I married a country singer who is way out my league in the looks department – but I guess that gave hope to ugly guys everywhere that they can get hot chicks like me.”