People, Prison, and Rates Creeping Up …
People Quote of the Day: “I love mankind, it’s the people I can’t stand.” – Linus (Charles Shultz)
Today in Economic History: It was on this day back in 1978 that the song Take This Job and Shove It by Johnny Paycheck hit number one on the Billboard charts. I have always dreamed of saying that title but my Visa bill keeps shoving me back.
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 the Housing Market Index, tomorrow Jobless Claims and Housing Starts, and on Friday the Consumer Sentiment Report. If these reports come out strong for the economy expect rates to go up, and vice-versa if the numbers come out lower than expected.
Rates are up, Mortgage Fans. A 30yr fixed on a good day is at 4.0%, and ARM rates – which used to be about a half a point lower – have come up quite a bit and are only a sliver lower than the 30-year. As usual rates will vary based on type of home, equity in the home, your credit score, and if you’ve lost any right to complain about Chicago winters.
Don’t Forget to Remember: Any purchase or refinance loans that are over $240k I will waive HALF of the lender fees – an $895 savings! Grab yourself a cup of instant karma and pass this info along to any friends, family, coworkers, or prison librarians that can use this gift.
People Quote of the Day 2: “Most people don’t realize that chickpeas only get $0.79 for every $1 a manpea makes.” – @VanGobot
Timeout for Trivia: Congrats to those who guessed Rod Stewart last week. Want to be entered into a drawing to win a Pop-Tarts T-shirt? Simply email me the answer to this week’s Who Am I? question. Good luck: “Today is my birthday and I’m so happy to be alive. As a child I was a stoner (hey, that sentence could be a clue to my name), bored out of my mind at home. I ran away at 15, joined a gang that sold drugs from the car wash I worked at, and also learned at this age to breakdance and deejay at parties. I released my first album in 1990 but it wasn’t until I found my mix of music that worked (southern rock, country, and rap) that I hit it big with my album that went double-platinum in 1999. That 9-year climb to the top lasted 8 years and six months longer than my marriage to a woman whose first marriage was to a famous heavy metal musician.”