Rap-Up on Rates

BarrysBlog_FBGood Morning!
Existing home sales came in at a record pace last Thursday. While this surprised some people, it certainly did not surprise me. Combining low interest rates with the $8,000 tax-credit people are still trying to take advantage of, I think you should get ready for a busy fall season!

Quote of the Day
“How come “fat chance” and “slim chance” mean the same thing?” – Ziggy (cartoon character).

Interest Rates
Have started their monthly decent again. ARM rates are really strong with a 5yr ARM fluctuating in the high 3s and low 4s. A 30yr fixed is at 5.125%. Keep in mind that all rates I quote on this blog can vary based on credit score, type of property, equity in the home, and if I am having a good or bad hair day.

Quote of the Day 2
“I often thought that if there had been a good rap group around in those days, I might have chosen a career in music instead of politics.” – Richard M Nixon, 37th President of the United States.

Credit
Interesting article in the 8/7 NY Times about how employers are now pulling credit on job applicants. Their reasoning is that the credit check is a valuable tool for assessing someone’s judgment. A director of HR was quoted in the article as saying, “If you see a history of bad decision-making, you don’t want that decision-making overflowing into your organization.” Seems like a way to discriminate, but regardless – pulling credit has become more and more mainstream which is more of a reason to keep it as crystal clean as possible. If you ever want me to pull your credit I would be happy to do it, and also give you advice on how to clean it up if you have issues on it. (btw – I once agreed to let my ex-girlfriend drive me from Kansas to Chicago while she played Billy Ocean ‘s Caribbean Queen on a continuous loop for most of the 10 hour drive. Thank God bad decision-making like that doesn’t show up on credit reports).

Trivia
Want to win a $5.00 Starbucks gift card? Just be one of the first ten people to correctly answer today’s Who Am I? question: “Why is everyone from my childhood dying?! I turn 29 today and I’ve lost two good friends in the past few months. First, I’ll never forget the days (I blacked out the nights) I spent at Michael Jackson’s Neverland Ranch. He even let me appear in his video Black and White. Then a couple weeks ago John Hughes passed away. Without him who knows where I’d be today. Oh, and let’s not forget the late John Candy who I once told in a movie, “I’m a kid – that’s my job.” At least I’m still here despite being hooked on marijuana and Xanax.”

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