Pools, Pop-Tarts, and Stable Rates
Eating Quote of the Day: “You’ve got bad eating habits if you use a grocery cart in 7-Eleven, okay?” – Dennis Miller
This Week in Economic History: It was on this date in 1921 that the state of Iowa became the first state to levy a tax on cigarettes. Also, on this date in 1852, Frank Woolworth was born in Rodman, New York. Woolworth’s first store opened in 1879 under the name the ‘Great 5 Cents Store’. If he never changed the name and you adjusted for inflation you’d be picking up your shampoo and prescriptions from the ‘Great $12-dollar Store.’
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Today we’ve got the Consumer Price Index (measures inflation), tomorrow a 10-year Treasury Note auction (these make a great birthday gift! Not really.), and tomorrow the U of Michigan Consumer Sentiment Report – this is an indication of consumers’ willingness to spend. If these reports come in better than expected you’ll most likely see interest rates trend up, and vice-versa if they disappoint.
Interest rates have found their happy place (at least for now…) – the last couple weeks you’ll find a 30yr fixed in the mid-4s with adjustable rate mortgages a little bit lower. As usual, rates will vary based on your credit score, type of home, equity in the home, and if your home has one of these crazy swimming pools.
Don’t Forget to Remember: Any purchase or refinance loan between now and July 31st will receive a $500 credit from me for closing costs. Grab yourself a cup of instant karma and pass my info along to any friends, family, co-workers or people who have interviewed Paul McCartney that can use this gift.
Eating Quote of the Day 2: “Somewhere out there is a guy named Joe whose greatest achievement is that he was a really sloppy eater.” – @GuyEndoreKaiser
Timeout for Trivia: Congrats to those who guessed Robert Downey Jr. 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: “I died on this date last year. My band had my name in it and we had a lot of hits – mainly in the 1980s. You might remember one that Marilyn Monroe to Jenny McCarthy can relate to. Or maybe one of our earlier hits that Adam Sandler sang in The Wedding Singer. Speaking of weddings I was married to my wife for almost 30 years. We divorced but remained really good friends which means… maybe love isn’t as bad as I once thought it was.”